Takeaways for Today (11/02/2007)
The dollar fell to a record against the euro and declined against most major currencies on concern deepening credit-market losses will prompt the Federal Reserve to reduce interest rates again this year.
The dollar dropped to the lowest against a basket of currencies as Deutsche Bank AG said Merrill Lynch & Co.'s writedowns on collateralized debt obligations may reach $10 billion. Traders raised bets that the Fed will reduce its target rate for a third time on Dec. 11.
$96 Oil, Weak Dollar, Credit Worries Propel Gold To Highest In 28 YearsGold jumped above $800 per ounce for the first time since 1980 on Friday, boosted by surging oil prices, a record low dollar and more fallout from the global credit market crisis.
Given current fundamentals, dealers said, the next big resistance level was $850, a record hit in January 1980.
The union representing U.S. screenwriters called for a strike against film and TV studios starting on Monday in a move giving negotiators one last weekend to reach a contract deal or shatter 20 years of Hollywood labor peace.
Citigroup CEO Prince to resign
Citigroup Inc (C.N: Quote, Profile, Research) Chief Executive Charles Prince plans to resign, the Wall Street Journal said on Friday, citing people familiar with the situation.
Prince plans to offer his resignation at a board meeting on Sunday, the newspaper said, citing the people.
Clinton group, Walmart aim to lower "green" cost
An environmental group led by former President Bill Clinton gave a nod Thursday to Wal-Mart Stores Inc., announcing that it would work with the world's largest retailer to help cities around the world spend less for "green" technologies such as energy-efficient street lamps.
The Clinton Climate Initiative also said it would extend its programs and purchasing consortium to all 1,100 cities represented by the U.S. Conference of Mayors.
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This entry was posted by David Choi, on
Saturday, November 3, 2007.
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