Ad Majorem Dei Gloriam

Essential thinking for reading Catholics.

Friday, November 09, 2012

Today's News You Haven't Seen But Should Have (11/9/12)

[NOTE: This post will be updated throughout the day as I get the chance. Latest update: 3:55pm]

Don't worry. Be happy.

Analyst Art Cashin of UBS on Why Stocks Fell as Obama Spoke

Battle Plan Shifts on Dodd-Frank 

Markets After Obama's Speech
Discussing the market action today, with John Spallanzani, GFI Group; Dan McMahon, Raymond James; and CNBC's Steve Liesman and Rick Santelli...

Fuzzy Fiscal Cliff Math
The President is speaking out on the fiscal cliff, and standing his ground on higher taxes for wealthier Americans. Jared Bernstein, Center ...  

J.C. Penney Turnaround in Doubt as Sales Plummet
(This is because they discontinued the Chris Madden "Spa Collection" towels. -J.)

Repeal The-Hollywood Tax Cuts

Greece Says Cash Reserves Almost Depleted

Iran Fired on U.S. Drone Before Vote
Iranian fighter planes shot at an American drone last week, in an unprecedented air attack that raises military tensions in the Persian Gulf.

Help Wanted...but in a Whole New Way 

Many of the world's most important economies face significant trouble.Three economists from the Peterson Institute for International Economics today offered a tour through the risks in all three economies. It was not uplifting.

Worried Germany seeks study on French economy
US election: now for the hangover 
How to Fire Someone
UBS to cut up to 10,000 jobs: report
Swiss banking giant UBS is getting ready to roll out a plan to cut as many as 10,000 jobs, the Financial Times reports.

U.S. banking regulators do not expect proposed rules requiring financial institutions to hold more capital to take effect at the start of next year, three agencies said on Friday.

The economic downturn is hurting Americans including young people, who are struggling with debt and joblessness. See what's new on millennials' list of financial woes. (Elections have consequences, kids. -J.)

Vestas says it will cut an additional 3,000 jobs by the end of 2013. But spokesman Andrew Longeteig says service revenue has increased 46 percent in the past year. Vestas will provide maintenance to Palouse Wind in Washington.

Gold Hits 3-Week High on US Fiscal Concern

PepsiCo Looks to Juice Profits With 4,000 Layoffs

In an effort to boost its bottom line, PepsiCo management is reportedly contemplating laying off about 4,000 workers and putting a stop to its 401(k) match.

Energizer to cut more than 10 percent of workforce

Technical Indicators Suggest ‘A Long Way to Go’ Down
Iran Warplanes Fired on US Drone Over Gulf: US
Euro Zone Leaders Face Brinkmanship on Greece
How to Trade the Euro's Slide
What 4 More Years Means for Housing
Buy Gold Miners on Obama’s Victory?
Ominous Signal From the Fed? 
The Fed has shown how gravely concerned it is about the U.S. economy and its prospects, Former Fed Governor Kevin Warsh said

France's central bank said it expected the euro zone's second-largest economy to slip into recession as 2012 ends—a scenario that could make it harder for the government to hit next year's debt-reduction targets.

Europe Shares Fall on Global Growth Fears
European shares traded lower on Friday as uncertainty about a new bailout deal for Greece and some disappointing earnings from European companies added to concerns about a looming "fiscal cliff" in the United States.

German Growth Set to Slow as Euro Zone Crisis Hits Home
Growth in Germany, Europe's largest economy, is likely to weaken in the fourth quarter of this year and the first of 2013 as firms postpone investments due to the euro zone crisis.

China, India GDPs to Exceed Entire OECD by 2060: Report The combined economic output of China and India will exceed that of the entire OECD bloc (Organization for Economic Cooperation and Development) by 2060, the group said in a report published on Friday.

More Pain for Spain: 4,500 Iberia Workers Dismissed
IAG the owner of British Airways and Iberia, on Friday reported a 25 percent fall in third-quarter operating profit, hit by rising fuel costs and a poor performance from its Spanish unit. Is said it would dismiss 4,500 workers at Iberia.

Sears, which sold many Bionic Wrenches last holiday season, is selling a similar product this year — only now it is made in China instead of America. The NYT reports.

Credit Agricole reported a steeper-than-expected 2.85 billion ($3.63 billion) quarterly loss on Friday as the French bank was slammed by its exit from Greece and a series of other write-downs.

Nearly half of Britons would vote in a referendum to leave the European Union and less than a third to stay in, according to a poll highlighting divisions facing Prime Minister David Cameron.

China's annual industrial output growth quickened more than expected in October and fixed asset investment also ticked higher, cementing investors' expectations of a modest rebound in the final three months of 2012.


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