Bear Roundup:
The dollar: what goes up... - Economist (1/13/2003 3:55 PM)
economist.com
Venezuelan Central Bank Raises Discount Rate to 42%
By Alex Kennedy and Peter Wilson
Caracas, Jan. 13 (Bloomberg) -- Venezuela's central bank raised its benchmark interest rate to an eight-month high to brake a 12 percent decline in the currency this month, as a nationwide strike spurs demand for dollars.
The central bank raised the discount rate, the rate at which it provides short-term loans to commercial banks, to 42 percent from 40 percent, the bank said on its Web site. The bank last raised the discount rate on Oct. 1.
quote.bloomberg.com
London's 1 Million-Pound Homes Lose Value as Jobs Cut (Update2)
By Linda Sandler
London, Jan. 14 (Bloomberg) -- Prices for London homes worth more than 1 million pounds ($1.6 million) are declining by at least 10 percent as bankers lose jobs and see their bonuses cut, according to real-estate agents.
Asking prices may fall another 20 percent in districts such as Kensington and Chelsea in the next nine months, said Adrian Owen, a director at real-estate agent Hamptons International. Investment bankers favor the Kensington area, home to actors such as Hugh Grant.
``In blue-chip boroughs, prices outgrew themselves'' after rising as much as 60 percent in three years, Owen said. ``The slide in London will reduce the level of consumer confidence in the rest of the country,'' he said.
quote.bloomberg.com
Mexico's peso hits four-year low
Moves to quell Mexican inflation have prompted a decline in the peso to a four year low against the US dollar.
Mexico's central bank, the Banco de Mexico, on Friday surprised financial markets by tightening monetary policy for the third time since September.
news.bbc.co.uk
China attracts record investment
China attracted a record $52.7bn (£32.9bn) in foreign direct investment in 2002, but investment growth has slowed down from the previous year.
Investment in the world's most populous country slowed to 12.5%, from 14.9% in 2001, after tailing off at the end of the year, the ministry of foreign trade said.
news.bbc.co.uk
Has the mutual fund industry betrayed investors? - Fortune (1/13/2003 3:58 PM)
fortune.com
Dollar Under Pressure Amid Economic, Geopolitical News
Tuesday January 14, 9:23 am ET
NEW YORK -- The dollar was under pressure against its major rivals Tuesday in New York, as a variety of events failed to challenge the overall bearish sentiment hurting the dollar currently.
In morning trading, the euro was at $1.0585, up from $1.0541 late Monday in New York. The dollar was trading at 117.69 yen, down from 118.85 yen late Monday. Against the Swiss franc, the dollar was valued at 1.3800, down from 1.3862, while sterling was trading at $1.6105, up from $1.5996 Monday in New York.
biz.yahoo.com |
