As banks, money markets and stock exchanges convulse over a sinking American economy, we see the folks sprawled at the bottom of the smoking rubble — debt-crushed American consumers. It is they whose reckless or trusting natures enriched so many, at least for a while, and whose troubled loans have sent markets into panic. But […]
Category Archives: Finance Company
Numeria Finance has collapsed owing investors about $6.4 million. Numeria is a small finance firm with 480 debenture holders and assets valued at about $7 million. It is an associated company of Capital + Merchant Finance, which was put into receivership about two weeks ago. Perpetual Trust, which is the trustee of Numeria’s secured debenture […]
The ugly face of privatization: This post, written by Cliff Schecter, originally appeared on Cliff Schecter’s Brave New Films Blog You know the Carlyle Group, an international investment club for yacht owners that exists so scoundrels from across the globe can break bread while discussing ways to further enrich themselves at the expense of 99.75% […]
JPMorgan Chase Bank has been registered as a bank in New Zealand, the Reserve Bank said. JPMorgan Chase Bank is incorporated in New York and will operate a branch in New Zealand. It intends to only operate in the wholesale market and will not have a retail business. There are now 17 registered banks in […]
y Anne Gibson A bank survey of residential real estate sector sentiment has presented a pessimistic picture, with many professionals saying the market has turned down fast. BNZ chief economist Tony Alexander released the monthly confidence survey this week. The survey went to 11,500 people, who were asked how their sector was going and […]
Palmerston North-based loss-making finance company Speirs Group says its investor roll has plummeted 35% in the past three months, its secured stock funding has reduced and it is grappling with the collapse of its rental car client. Speirs Group, made up of Speirs Finance, Speirs Nutritionals and Spiers Foods, posted a loss of $1.9 million […]
The Triumph of Structured Finance By Mike Whitney The entire global financial structure is becoming uncontrollable in crucial ways that its nominal leaders never expected, and instability is its hallmark. The scope and operation of international financial markets, their “architecture”, as establishment experts describe it, has evolved haphazardly and its regulation is inefficient — indeed, […]
The Government planned to deliver $1 billion in personal tax cuts at the last budget, but shelved the plan due to fears it would fuel inflation, official papers show. The papers, issued under the Official Information Act, show the Government last year considered a package of personal tax cuts that would have equalled the $1 […]
The Federal Reserve is preparing to meet to decide whether US interest rates should be reduced from 5.25%. Most analysts believe the Fed will cut rates to try and prevent a housing market downturn and the credit crunch from severely denting the economy. By making money cheaper to borrow, people would spend and invest more, […]
By PAUL EASTON – The Dominion Post | Tuesday, 18 September 2007AdvertisementHouseholds are being squeezed by price increases on basic foods and petrol, even before higher power prices and a sliding Kiwi dollar begin to take effect. Budgeting agencies fear the increase in staple food prices, including butter’s 23 per cent increase yesterday and milk’s […]
Even if the central bank starts to cut rates aggressively, many of the risks for the U.S. economy are beyond its reach. By Chris Isidore, CNNMoney.com senior writer September 13 2007: 1:35 PM EDT NEW YORK (CNNMoney.com) — Problems in housing, the financial markets and the first job decline in four years have made a […]
By Hale Stewart, HuffingtonPost.com. Posted September 10, 2007.Supply-side economics is a great marketing concept, but in reality is a poor national policy. Tools Republicans are enamored by “supply-side” economics. Frankly, I have to admit it’s a very easy sell. Think about it. “Cutting tax rates stimulates the economy to such a high level that tax […]
By Iain Dey, Sunday Telegraph Last Updated: 12:02am BST 10/09/2007 Britain’s biggest banks could be forced to cough up as much as £70bn over the next 10 days, as the credit crisis that has seized the global financial system sparks a fresh wave of chaos. The credit crunch is really hitting home Small businesses risk being […]
BASEL, Switzerland (AFP) – The crisis in the US housing market risks spreading to the whole of the nation’s economy, European Central Bank chief Jean-Claude Trichet said Monday on behalf of world central bankers.Trichet was speaking in his capacity as head of the G10 group of central bankers from industrialised and emerging economies, who met […]
Paul Craig Roberts was Assistant Secretary of the Treasury in the Reagan administration. He was Associate Editor of the Wall Street Journal editorial page and Contributing Editor of National Review. He is coauthor of The Tyranny of Good Intentions. A lifelong Republican. By Paul Craig Roberts 09/10/07 “ICH’ — – The US economy continues its […]
LEADING bankers are warning of the worst crisis in the money markets for 20 years, which will come to a head this week when $113 billion (£57 billion) of commercial paper – market IOUs – comes up for refinancing. This huge refinancing, mainly through London, exceeds the $100 billion that became due in mid-August, and […]
September 10, 2007 | From theTrumpet.com Questions loom whether China is behind recent dollar sales—if it is, America’s way of life is about to change. The only question is how badly and how fast. By Robert MorleyThe U.S. dollar is standing at the edge of a cliff, and most people don’t even know it. Data […]
By Mike Whitney “The new capitalist gods must love the poor – they are making so many more of them.” Bill Bonner, “The Daily Reckoning” “The hope of every central bank is that the real problem can be kept from public view. The truth is that the public—even professionals on Wall Street—have no […]
Quick vote and NZX boss gets deal topping $1.4m By JAMES WEIR – The Dominion Post | Friday, 7 September 2007 ROBERT KITCHIN/Dominion Post REASON TO SMILE: NZX shareholders have approved a new incentive scheme for chief executive Mark Weldon, which could potentially boost his annual salary package to more than $1.4m.Advertisement In less than […]
Posted by Dan Denning on Sep 6th, 2007 Who is knocking on the door of the Reserve Bank of Australia, looking for a handout? The Bank issued a press release this morning, telling anyone who would listen that, “it has decided to further widen the range of securities eligible for its repo operations.” As of […]
The housing slump, Midwestern economic woes and resetting ARMs send late payments higher. By Les Christie, CNNMoney.com staff writer September 6 2007: 11:58 AM EDT NEW YORK (CNNMoney.com) — The delinquency rate for mortgage borrowers spiked higher in the second quarter and the number of homes entering the foreclosure process hit a record high, according […]
Posted by Kate Incontrera on Sep 6th, 2007 The Dow, the S&P and the NASDAQ all suffered their first losses in three days at market open this morning.The drop was caused by not-so-good employment and housing data, and on the news that short-term interest rates in Europe rose to the highest since January 2001. Although […]
By VANESSA PHILLIPS – The Nelson Mail | Thursday, 6 September 2007Email a Friend | Printable View | Have Your SayRelated Links • Subscribe to Archivestuff • Have your say Advertisement AdvertisementAnother Nelson finance company, with links to failed firm LDC Finance, has nosedived into receivership, owing $16 million to investors. Long-established Tahunanui-based Finance and […]
By Finfacts Team Sep 3, 2007, 07:01 US homes may lose as much as half their value in some US cities as the housing bust deepens, according to Yale University professor Robert Shiller. Meanwhile, Martin Feldstein of Harvard University says that experience suggests that the dramatic decline in residential construction provides an early warning of […]
After drinking water out of the bailout fire hydrant, I think most people are scrambling to get an idea of what is happening. An issue placed on the back burner by many politicians is suddenly garnering massive media playtime. Amazingly, Americans in a large percentage are against any bailout talks or consideration. The nationwide MSNBC […]
By Adam Bennett The finance company carnage continued today with Nelson-based LDC Finance Ltd being placed in receivership by its trustee, owing 1000 investors almost $20 million. Perpetual Trust said it had appointed Malcolm Hollis and John Fisk of PricewaterhouseCoopers as receivers on the request of the company’s directors. It is the eighth finance company […]
