All Posts Tagged With: "Finance"
Subprime Crisis Hits Japan’s Largest Bank
Japan’s largest bank, Mitsubishi UFJ, has announced that its annual profits have plunged 28%, largely due to its exposure to the subprime market.
The bank said its annual subprime-related losses were more than 120 billion yen ($1.15 billion) and that it could lose another $480 million this year because of subprime exposure.
According to a report by Thomson Reuters, the bank’s president, Nobuo Kuroyanagi, said: “Subprime had a very broad effect on us.
Intrade Future Markets Predict 2008 Elections
Intrade is a website that allows you to bet on the outcomes on a variety of international events, from political elections and finance, to “Will Elliot Spitzer be Indicted on Felony Charges on or before June 30th”.
The traders on the website are currently betting with 89% odds that Barack Obama will be the Democratic nominee. They’re also placing a 37.9% chance that John McCain will win the presidential election in November. And, the chances of the US going into a recession in 2008 have fallen to 28% from a high of 76% back in early April.
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