Oil Rises Above $98 to a Record on Dollar, North Sea Disruption
Crude oil rose above $98 a barrel for the first time in New York as the dollar tumbled to a record low against the euro and producers evacuated platforms in the North Sea, evading a storm forecast to bring waves as high as 36 feet.

U.S. sharply raises 2008 oil price forecast
The U.S. government on Tuesday sharply raised its 2008 oil price forecast to nearly $80 a barrel and said extra OPEC production may fail to stanch falling inventories.
The U.S. Energy Information Administration, the statistical arm of the Department of Energy, raised its forecast for U.S. oil prices to $79.92 per barrel from $73.50 per barrel in its previous forecast.

Wall Street's bonus anxiety
Last year, the "it" purchases for Wall Streeters drowning in bonus loot included such luxuries as an exotic European sportscar or a tony pre-war apartment on Park Avenue.
But this time around, financial pros may have to settle for a pedestrian Mercedes and a loft rental in one of New York City's less-desired neighborhoods.
Big banks and brokerages are suffering enormous losses and face the possibility of additional writedowns in coming weeks. As a result, this year's bonus pool appears to be evaporating at a disturbing rate.


Storm May hit Morgan Stanley After its Calm
Of all the blue-chip Wall Street securities firms, Morgan Stanley seemed one of the least likely to get thumped by the subprime- mortgage crisis.
Two analysts are projecting the firm may take a fourth-quarter write-down of $3 billion to $6 billion. The estimates by analysts David Trone of Fox-Pitt, Kelton and Mike Mayo of Deutsche Bank AG contributed to Morgan Stanley stock's falling $1.08, or 1.94%, yesterday in New York Stock Exchange trading to $54.51 a share. Mr. Trone projected the possible write-downs at $4 billion to $6 billion, Mr. Mayo $3 billion to $4 billion.

GM to take $39B charge
General Motors Corp said on Tuesday it would book a $39 billion non-cash charge in the third quarter, reflecting the risk of a slower turnaround that could keep it from claiming expected future tax credits in key markets.

Citi Taps LTCM Hand for Subprime Cleanup
Citigroup Inc., which is reeling from hefty subprime mortgage-related writedowns and losses, has picked the same executive who steered its role in the rescue of collapsed hedge fund Long Term Capital Management to run a new dedicated subprime unit.

China enjoys banner year in gold production
China would probably overtake the US as the world’s second-biggest gold producer this year and is moving closer to ending South Africa’s century-long dominance in the mining of the precious metal, according to the China Gold Association.
The strength of Chinese gold production comes as bullion on Tuesday hit a fresh 28-year high above $820 an ounce, nearing its all-time high of $850 an ounce reached in January 1980.

Microsoft Dismisses CIO
Microsoft said Tuesday that it had fired its chief information officer, Stuart L. Scott, for violations of company policies, but a spokesman declined to give the exact reason for the dismissal.
“Stuart Scott’s employment with Microsoft was terminated after an investigation for violation of company policies,” a Microsoft spokesman, Lou Gellos, said, reading from a company statement.
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This entry was posted by David Choi, on Tuesday, November 6, 2007. You can leave your response.