| Money markets bend, don't break
One of the safest and, lately, most attractive places for people to park some of their savings -- the money market account -- is suddenly looking a little less secure, thanks to fallout from the mortgage mess. Bank of America Corp. announced plans Tuesday to shore up a group of money market funds, in its case with a $600 million reserve. The move raises questions about whether this category of savings might suffer hits that are serious enough to cause losses for investors. The notion that some money market funds might give investors less than a dollar-for-dollar return on their investment, an occurrence known as "breaking the buck," is a sobering thought. Some experts say it remains unlikely, however. The Bank of America funds have run into trouble with a type of investment known as a structured investment vehicle, or SIV, which uses borrowed money to invest in perhaps risky but high-yielding investments.
'Ain't no stopping us now,' SNP leader taunts Brown
ALEX Salmond taunted Gordon Brown yesterday, telling the Prime Minister he was powerless to stop the Scottish Government driving towards independence. The First Minister hit out at what he claimed was obstructionism and a clear financial squeeze being imposed by the UK government on Scotland. .
(AFX UK Focus) 2007-11-18 10:31 GMT: G20 MEETING Dollar losses unevenly distributed - IMF's Strauss-Kahn
KLEINMOND, South Africa (Thomson Financial) - The IMF's managing director Dominique Strauss-Kahn think the dollar's losses over recent months have not been distributed evenly in currency markets. Speaking on the sidelines of this weekend's G20 meeting of finance ministers and central bankers, Strauss-Kahn said the dollar's fall is a perfectly natural response given the US' economic performance and its current account deficit. "The view of the IMF is that the depreciation of the dollar is in the right direction," Strauss-Kahn said. However, he noted that some currencies are absorbing the dollar's losses a a lot more than others. Though the IMF's new boss did not mention any currency in particular, it is widely thought that he was referring to the Chinese yuan, which is effectively pegged to the dollar.
Lower interest rates become plus for savers
The Federal Reserve has been cutting interest rates drastically this fall and that normally is bad news for savers, but this time around, many savers have gotten somewhat of a reprieve. Banks have cut interest rates for CDs, money market accounts and interest-bearing checking accounts less than expected after back-to-back Federal Reserve rate cuts earlier this fall. .
More Russia and Eurasia Pages
Russia's foreign policy assertiveness, funded by revenues from natural resources, makes many believe that a new energy empire is on the rise. The country today is ruled by post-Soviet security and military elites that have internalized the jingoistic values of the Russian Empire and the Soviet Union. These elites view the outside world almost exclusively through the lens of economic and military might. They also use foreign policy as a tool to buttress domestic support and to foster a perception that Russia is surrounded by enemies at a time when its democratic legitimacy is deteriorating. Despite its projected might, the Kremlin is not capable of dealing with some of Russia's critical demographic, social, economic, and political vulnerabilities. These flaws may well challenge the current sense of stability in Russia, especially after the 2007-2008 election cycle or if the economy deteriorates.
Liberia: Crisis Rocks Public Agenda Newspaper
The wise saying - Conflict is an integral part of the human race and can in no way be escaped by any man or institution, has become a reality in the instance of a Liberian newspaper, the Public Agenda. According to information, the Managing Editor, Gibson W. Jerue and the Publisher/Board Chairman of Mayaba Communication Inc., Abrahim Donzo, who also owns the paper, are reportedly involved in sour relationships, a development with latent propensity to drag the paper into public ridicule. .
Canada charges surprise cardholders
Gas stations, motels, beauty shops, sushi bars, fishing pro shops and movie theaters. All places where debit-card charges were racked up - in Canada, using accounts of Raton cardholders.
The surprising charges started showing on the local residents' accounts in September and October, leading in most or all cases to canceling the cards and local banks reimbursing customers for the fraudulent charges.
Pat Walsh's account was used for a spending spree of about $850 in cities in the Canadian province of Ontario. Thirteen different transactions were made.
"I'm going to be more careful how I use it," Walsh said of her new debit card. She said she does not know how her account number got into someone else's hands.
Michael Apodaca had about $900 in charges put on his account in Toronto or that area.
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