Nuveen Investments has arranged up to $2.5 billion in liquidity support from three major financial institutions for its leveraged municipal closed-end funds to issue Variable Rate Demand Preferred shares (VRDP). This represents an important action necessary to refinance those funds’ outstanding auction rate preferred securities (ARPS).
“I hereby invoke Bob Farrell’s Rule #9: When all the experts and forecasts agree — something else is going to happen. Let’s look at the forecasted year-end 2010 levels for the S&P500 and S&P500 earnings:”
sell S&P 500 SPDR (SPY);
By Polya Lesova, MarketWatch FRANKFURT (MarketWatch) — Rumors of a debt disaster are swirling around Europe, from Athens to Madrid and all the way to London. Investors have rushed to sell Greek bonds since the newly elected government of George Papandreou made a startling revelation: the deficit will soar to over 12% of gross domestic product this year, well above previous official projections.
The Arab states of the Gulf region have agreed to launch a single currency modelled on the euro, hoping to blaze a trail towards a pan-Arab monetary union swelling to the ancient borders of the Ummayad Caliphate.
China is preparing to build three times as many nuclear power plants in the coming decade as the rest of the world combined, a breakneck pace with the potential to help slow global warming.
“Germany is heading for a severe fiscal crackdown once the economic crisis is over, warned Wolfgang Schäuble, finance minister, on Wednesday, adding that reining in a soaring budget deficit would “not be achieved with the conventional instruments”.”- Could lead to higher taxes, rates…
The lingering economic crisis hasn’t just cost America trillions of dollars in lost wealth. It’s also taking a heavy toll on the national psyche, leaving scars that may take years to heal.
As the dollar and euro face new pressures, Hong Kong’s former central bank chief Joseph Yam calls for a strengthened role for the Chinese yuan
Oil rose after reports that Iranian forces entered Iraqi territory and surrounded a well.