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Quote: Caterpillar

News Editor — Fri, 22 Oct 2010 21:22:53 +0000

“Our major concern is that central banks in developed countries will remain too cautious, either by providing too little liquidity or trying to remove it too quickly. We believe these economies are fragile and will need a long period of growth to repair damage from the severe downturn.” –Caterpillar, construction equipment manufacturer, in an update of its forecast for the global economy.

For Whom The Housing Boomed

Jeff Cunningham — Mon, 14 Jun 2010 10:00:17 +0000

As a longtime New Yorker, I concluded that two strips of that magnificent city were sentenced to spend eternity in the bottom of the barrel: 42nd Street and Harlem. Both regions were familiar to New Yorkers as impoverished, littered and often violent. Both neighborhoods sat on the bench while long periods of prosperity moved other parts of the city as little as two blocks away to new highs. While they languished, their businesses and residents limped along. As urban ghettoes go, they were not changeable. Barely manageable.

More than the rise in housing values should get credit, of course; much recognition is due to the magnificent leadership of Mayors Ed Koch, Rudy Guiliani and Mike Bloomberg. But while their leadership was unequivocably a major factor, without the liquidity, securitization and rising property values, this would not have been. Next time you are strolling down 42nd Street and Broadway, or seeking out the gentrified village that is now Harlem, remember to also thank the mortgage-backed industry for its role in fixing the unfixable.

Jeffrey M. Cunningham is a frequent speaker and writer on governance topics and the boardroom. He is chairman, CEO and editorial director of Directorship and has served on 10 public company boards in all capacities, including as chairman of four.

Accounting gimmicks in Lehman demise

News Editor — Sat, 13 Mar 2010 14:00:11 +0000

NEW YORK (Reuters) – Lehman Brothers Holdings Inc used accounting gimmicks and had been insolvent for weeks before it filed for bankruptcy in September 2008, but there was not extensive wrongdoing, a court-appointed examiner has found.

Markets turn negative after sentiment data

News Editor — Fri, 12 Mar 2010 17:00:14 +0000

NEW YORK (Reuters) – U.S. stocks turned lower on Friday, as a weaker-than-forecast reading on consumer sentiment outweighed an unexpected increase in retail sales.

Retail sales rise as shoppers fight winter blues

News Editor — Fri, 12 Mar 2010 17:00:14 +0000

WASHINGTON (Reuters) – U.S. retail sales rose unexpectedly last month despite heavy snow storms and a drop in vehicle purchases by consumers spooked by Toyota recalls, bolstering hopes of a sustainable economic recovery.

CF finally nabs Terra after Yara walks

News Editor — Fri, 12 Mar 2010 17:00:13 +0000

NEW YORK/OSLO (Reuters) – Fertilizer maker CF Industries Holdings Inc on Friday agreed to buy rival Terra Industries Inc for more than $4.6 billion in cash and stock after Norwegian rival Yara International ASA decided not to raise its offer for Terra.

Cheap cigars, politics and the Volcker Rule

News Editor — Fri, 12 Mar 2010 16:45:01 +0000

NEW YORK (Reuters) – In mid-January, a who’s who of Wall Street gathered to hear Paul Volcker, the former Federal Reserve chairman whose role in the White House seemed at best unclear.

Toyota discounts boost sales

News Editor — Fri, 12 Mar 2010 14:00:10 +0000

DETROIT/WASHINGTON (Reuters) – Unprecedented discounts after a series of damaging recalls boosted Toyota Motor Corp’s U.S. sales in early March, as U.S. regulators weighed new auto safety measures.

KKR files for long-awaited NYSE listing

News Editor — Fri, 12 Mar 2010 13:47:48 +0000

NEW YORK (Reuters) – Private equity firm Kohlberg Kravis Roberts & Co has filed to list its shares on the New York Stock Exchange, moving forward with its two-year effort to become a publicly traded company.

Yara exits Terra battle, shares jump

News Editor — Fri, 12 Mar 2010 13:44:26 +0000

OSLO (Reuters) – Norwegian fertilizer group Yara International ASA shied away from raising its offer for Terra Industries Inc to top a rival bid, boosting its shares on Friday but scuppering U.S. expansion plans.

Stock futures add to gains after retail sales

News Editor — Fri, 12 Mar 2010 13:42:49 +0000

NEW YORK (Reuters) – U.S. stock futures added to gains on Friday after data showed retail sales unexpectedly rose in February.

Retail sales unexpectedly rise 0.3 percent

News Editor — Fri, 12 Mar 2010 13:40:17 +0000

WASHINGTON (Reuters) – Sales at U.S. retailers rose unexpectedly in February despite a drop in vehicle purchases and inclement weather that was expected to curtail shopping, according to a government report on Friday that bolstered hopes of a sustainable economic recovery.

AnnTaylor posts surprise quarterly profit

News Editor — Fri, 12 Mar 2010 13:36:35 +0000

NEW YORK (Reuters) – Women’s clothing retailer AnnTaylor Stores Corp reported a surprise quarterly profit on Friday, helped by tight inventory management and improved merchandise.

Wells Fargo eyes end to Baltimore mortgage lawsuit

News Editor — Fri, 12 Mar 2010 13:19:44 +0000

NEW YORK (Reuters) – Wells Fargo & Co may be moving toward a settlement of Baltimore’s lawsuit accusing it of steering minority borrowers to expensive home loans.

Obama to tap Yellen for Fed vice chair

News Editor — Fri, 12 Mar 2010 13:03:25 +0000

WASHINGTON (Reuters) – President Barack Obama plans to nominate San Francisco Federal Reserve Bank President Janet Yellen, a respected policy dove, to be vice chairman of the central bank, a source familiar with the process said on Thursday.

Wall Street dips on China concerns, but banks rise

News Editor — Thu, 11 Mar 2010 21:00:10 +0000

NEW YORK (Reuters) – Worries that China may move to cool its overheating economy weighed down U.S. stocks on Thursday, but rising bank shares kept the market near break even.

Exxon boosts 2010 capital spending to $28B

News Editor — Thu, 11 Mar 2010 21:00:09 +0000

NEW YORK (Reuters) – Exxon Mobil Corp will increase capital spending nearly 4 percent this year to $28 billion in part as the largest U.S. oil company seeks to increase its share of the global market for natural gas.

Fed seen keeping "extended period" low rate vow

News Editor — Thu, 11 Mar 2010 21:00:09 +0000

WASHINGTON (Reuters) – Lingering U.S. labor market weakness and nagging doubts about the solidity of the economic recovery are expected to keep the Federal Reserve committed to holding borrowing costs very low for a long time at a monetary policy meeting next week.

Jobless claims fall, trade gap narrows on oil

News Editor — Thu, 11 Mar 2010 21:00:09 +0000

WASHINGTON (Reuters) – The number of U.S. workers filing new claims for unemployment benefits fell only slightly last week, indicating that rapid job growth would probably continue to elude the economy for a while.

Citigroup sees return to sustained profitability

News Editor — Thu, 11 Mar 2010 21:00:09 +0000

NEW YORK (Reuters) – Citigroup Inc Chief Executive Vikram Pandit told investors on Thursday that the bank is on track to return to sustained profitability, and that losses from some of its worst assets should be manageable if the economy does not deteriorate.