George Soros: US Should Befriend China To Avoid World War
Billionaire George Soros believes that the United States could be poised for World War 3, and one way to avoid it is to befriend China. (more…)
The Federal Reserve To Conduct Stress Tests Assuming 12% Unemployment
The Federal Reserve has asked top 30 banks in the United States to make sure that they have enough buffering capital to withstand the worst economic conditions. The Fed laid out three scenarios banks have to test against, and asked lenders to submit their detailed capital plans by January...
George Soros' Good Timing On Gold Likely Netted $90M
You know what? Gold prices have been rising since July 1999, after hitting the 20-year low of $252.80 an ounce. Today, it stands at $1,783.60, recording over 600 percent growth in the last 13 years. If you'd exited your holdings in Silicon Valley firms (remember the dot com bubble?) and...
Sell Side Analysts Score a Big Fat F on Knight Capital
We all know what went wrong with Knight Capital Group Inc. (NYSE:KCG) last week. The big bug on the new trading platform inadvertently purchased stocks of many American corporations without any human input, resulting in the loss of $440 million within 45 minutes. The firm had to arrange emergency funding...
Kingstown Capital Up 10.6% YTD; Fund Buys RGS, VRNT, BKS and CMVT
Kingstown Capital is a New York-based, value oriented hedge fund. It reported -0.7 percent return in the second quarter, and 10.6 percent year to date. The firm has yielded average annual returns of 13.9 percent since its inception. Kingstown Capital has invested 63 percent of its money in US and...
Google Executive Marissa Mayer Surfs to Yahoo
In a move that surprised everybody, long-time Google Inc (NASDAQ:GOOG) executive Marissa Mayer has been appointed as the president and CEO of Yahoo! Inc. (NASDAQ:YHOO). Ms. Mayer, who was the first female engineer at Google, is known for playing key role in bringing some of the Google's most popular...
JPMorgan Earns $5B Profit in Q2, Loses $4.4B on Trades
JPMorgan Chase & Co. (NYSE:JPM) announced the second quarter results on Friday, reporting the net profit of $5 billion or $1.21 per share, which is 9 percent down from the same quarter a year ago. Overall, the revenues in April-June quarter stood at $22.9 billion. Last year, the bank's...
Barclays Chairman Resigns Over Rate-rigging Scandal
After a devastating blow to Barclays PLC (NYSE:BCS) (LON:BARC) reputation due to interest rate-fixing scandal, the bank's chairman Markus Agius resigned today. Chief executive Bob Diamond, too, is under immense pressure to quit. Barclays admitted that it has attempted to manipulate the setting of London Interbank Offered Rate (Libor), which is the benchmark...
Impoverished Spain Bails out Cash-strapped Bankia
Soon after the Spanish government announcing a €19 billion ($23.78 billion) bailout of troubled Bankia SA, the country's 10-year bond yield rose 0.18 percent point to 6.47%, putting the Spanish sovereign bonds under heavy pressure. The Spanish debt insurance costs have pushed to a fresh records and five year...
