Global Investing Roundups Tuesday, December 23rd, 2008
Dec 23rd, 2008 | By William Patalon III | Category: Financial NewsKenya Growth Stalls Quickly; Caterpillar Cuts Pay and Jobs; Wal-Mart Offers $2.66 Billion for Chile’s Biggest Grocer; Walgreen Falls Short, Cuts Opening Plans; Palm Gets $100 Million Injection; JPMorgan Buys UBS Assets; Oil Falls 6%
- Kenya’s economy grew 2.1% in the third quarter, down significantly from the 6.3% gross domestic product growth it posted a year earlier. On top of the global financial crisis, Kenya suffered from post-election violence and a severe drought, Bloomberg reported.
- Caterpillar Inc. (CAT) said it will offer buyouts to some employees and cut white-collar pay by up to 50%. Last week, the heavy equipment maker announced plans to lay off 814 works at its engine assembly plant, Reuters reported.
- Wal-Mart Stores Inc. (WMT) has made a $2.66 billion offer for Chile’s biggest grocery chain, Distribucion y Servicio D&S SA (ADR:DYS). Wal-Mart’s outgoing international chief and soon-to-be CEO Mike Duke said in October that Chile’s economy is strong and growing, Bloomberg reported.
- As its quarterly profits missed estimates, drugstore operator Walgreen Co. (WAG) said it is cutting back on plans to open more stores. Profit fell to $408 million, or 41 cents a share, in its fiscal first quarter ended Nov. 30, Reuters reported.
- Palm, Inc. (PALM) yesterday (Monday) secured a much needed $100 million equity investment from Elevation Partners, a venture capital firm that includes Bono, lead singer for the rock band U2, BetaNews reported. Palm a maker of mobile electronic devices, will use the money to help launch a smartphone that will be compete with Apple’s 3G iPhone.
- UBS AG (UBS) will sell its Canadian energy operations and global agriculture business to JPMorgan Chase & Co. (JPM), Reuters reported. JPMorgan is buying Canadian Energy, UBS’ Canadian-based commodities energy business, as well as UBS’ London-based Global Agricultural Commodities business.
- Light, sweet crude for February delivery fell $2.45, nearly 6%, on the New York Mercantile Exchange yesterday (Monday) to settle at $39.91 a barrel. Crude prices have now fallen 70% from their July peak of $147.47 a barrel.
Source: Global Investing Roundups Tuesday, December 23rd, 2008
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William (Bill) Patalon III is the Managing Editor and Senior Research Analyst for Money Morning, and is also the Managing Editor for The Money Map Report. Patalon's work has appeared in Kiplinger's personal finance magazine, USA Today, and The South China Morning Post, among other publications.
