Financial Daily Info

Oil prices fell on Friday

2011-09-09T15:41:00.001-07:00

Oil prices fell on Friday (Saturday morning GMT) along with the stock market, because of rising concerns about the health of Europe and the U.S. economy amid debt problems on both sides of the Atlantic.New York's main contract, light sweet crude or West Texas Intermediate (WTI) for October delivery, fell 1.81 dollars to close at 87.24 dollars a barrel.In London, Brent North Sea crude oil for October delivery fell 1.78 dollars to settle at 112.77 dollars a barrel on the Intercontinental Exchange.New York futures market reacted less confidence in the proposed job creation plan U.S. President Barack Obama told Congress on Thursday night. Package of new taxes and government spending 447 billion dollars aimed at tackling high unemployment and weak economic growth."The market is skeptical about how much work will actually be made after President Obama's speech with regard to what Congress will ultimately loloskan," said Andy Lipow, Lipow Oil Associates.Analysts voiced doubts that the plan could pass Congress intact in a highly fragmented, with the House controlled by the opposition Republicans.Lipow said the market also worried about the debt crisis of the European countries are ongoing and the news that the European Central Bank chief economist Juergen Stark, an important representative of Germany, to resign.Stark's resignation is seen as confirming the divisions within the ECB concerning aid to countries heavily indebted euro zone, such as Greece."The oil market like the stock market reacts to what happens in Europe, especially in Greece," said Lipow.Greece on Friday vehemently rejected rumors of a possible default (default) on the debt the country this weekend, they blame the perpetrators pekulatif against the euro.Greek government spokesman Ilias Mossialos Bloomberg argues that the reports are widely quoted local press that sent the market into a panic is "irresponsible."

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Bank of America is Considering Cutting Up to 40,000 Workers

2011-09-09T15:02:00.000-07:00

U.S. financial giants, Bank of America is considering cutting up to 40,000 workers as part of a round of belt tightening is anticipated to be warm, the Wall Street Journal reported Friday.

Journal citing unnamed sources, who said the company had discussed cutting 30,000 to 45,000 jobs, but he said, that figure could still change and that the decision will be made over a period of several years.

The cuts will amount to more than 10 percent of the workforce.

Banks have been hit by losses from the financial crisis of 2007-2009 and was recently hit with a series of lawsuits related to the multi-billion dollar unfair to the issuance of mortgage-backed securities by subsidiaries, Countrywide Financial and Merrill Lynch, financialdaily.info reported.

Burdened with lawsuits, the bank reported a net loss of more than nine billion dollars in the second quarter.

Amid rumors that it has a serious problem of capital deficiency, last month announced the injection of five billion U.S. dollars of investment guru Warren Buffett, Berkshire Hathaway.

The bank also said it would sell half of the 10 percent stake in China Construction Bank to raise about 8.3 billion U.S. dollars in cash

FInancial Daily Information Update

2011-08-18T16:25:00.000-07:00

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