Most Asian markets slide, but oil price boosts Taiwan
Markets in Asia mostly were lower Thursday, with poor confidence data weighing on Japan, though the rising price of oil helped Taiwan. Japan's Nikkei 225 fell 1.5%, South Korea's Kospi Composite declined 1.7% and Singapore's Straits Times Index lost 0.5%. Australia's S&P/ASX 200 was off 0.9%, Taiwan's Taiex increased 0.5% and shares in the Philippines improved 1%. Markets in Hong Kong and China were closed for a holiday. The Wall Street Journal (01 Oct.)
*this is what is wrong with America people. Congress and their gluttonous pursings refuse to do whats right for the whole of the country in order to get elected. To be sure, these representatives know Obama will not sign any legislation so they are really just appeasing their constituents. But to use this to get votes for upcoming reelection when americans are suffering financially is just disgusting.
Senate approves $2.5B for possibly unnecessary military aircraft
U.S. senators voted 64-34 for the government to spend $2.5 billion on Boeing C-17 military cargo aircraft that President Barack Obama and Defense Secretary Robert Gates said are unnecessary. Sen. John McCain, R-Ariz., criticized the proposal, saying taxpayers' money would be spent on aircraft "that we don't need, the Pentagon doesn't want and that we can't afford." Two public-interest groups called the plan "the earmark that will not die." Los Angeles Times (01 Oct.)
*All I can say is: ITS ABOUT FRIGGING TIME
Bank of America's Lewis to step down at end of year
Kenneth Lewis, CEO of Bank of America, said he will step down at the end of this year. A successor has not been named. Lewis will be ending a 40-year career at the bank. "The board has a pool of candidates, and they are going to go through a deliberative process to have a successor in place before Mr. Lewis retires," said BofA spokesman Robert Stickler. Financial Times (tiered subscription model) (01 Oct.)
*I can only say yeah right on both counts below. Has anyone been to the malls lately? Has anyone ridden the subway in manhattan? No jobs equals no money equals all I got is food stamps.......
GDP data suggest U.S. is gradually emerging from recession
GDP decline in the U.S. during the second quarter was not as bad as suggested by the government's preliminary estimate, according to updated data. GDP was down 0.7%, compared with the 1% forecast. "The downturn appears to have concluded this summer, and the economy is on track to grow for the first time in more than year, in the third quarter," said Aaron Smith of Moody's Economy.com. Google/Agence France-Presse (30 Sep.)
China's manufacturing steadily gains strength, index shows
The expansion of China's manufacturing is continuing at a steady pace, according to the purchasing-managers index. The reading for manufacturing climbed to 54.3% last month, 0.3 percentage points higher than that of August. A reading of more than 50% indicates growth. Xinhuanet.com (China) (01 Oct.)