Bank of America Corp. (BAC) will likely boost its stake in state-owned banking giant China Construction Bank Corp., paying about 36 cents a share (2.46 yuan), or 1.2 times the Beijing-based lender’s book value, China’s Caijing magazine reported last Friday, citing unidentified sources.
Federal Reserve policymakers yesterday (Wednesday) reduced the benchmark Federal Funds rate to 1.0%, an aggressive half-percentage-point cut that central bank Chairman Ben S. Bernanke’s latest attempt to keep the widening financial crisis from tipping the world into a global recession.
After its run past $1,000 an ounce in March, gold has been dropping. So are we going through a price dip? A market correction? Or is it simply too late for investors to play the gold bull rush.
You and I are riding China’s economic tiger. The whole Western world is. It has been a pleasant rise so far. We have the electronic gadgets and cheap toys to prove it. “Made in China” is everywhere. But this tiger is a paper tiger - paper money.