Geithner: China Has “Confidence” in US Economy
US Treasury Secretary Timothy Geithner said today that China – the largest holder of US debt totaling nearly $775 billion – has “justifiable confidence in the strength and resilience and dynamism of the American economy”. Geithner is currently visiting China to meet with officials just two months after China’s Premier suggested a new global currency was needed to replace the struggling dollar while warning the US to act responsibly to “guarantee the safety of China’s assets”. More
Australia Keeps Interest Rates at 3%
The Reserve Bank of Australia opted to leave interest rates at 3 percent for the second straight month one day ahead of a report expected to show that Australia has entered into its first recession since 1991. More
Morgan Stanley to Raise $2.2B
Morgan Stanley said today that it will issue stock to generate $2.2 billion in order to repay $10 billion in loans it received through the governments Troubled Asset Relief (TARP) program. More
Tensions Escalate as North Korea Tests More Missiles
South Korea has increased its navel defenses as North Korea prepares to test more medium-range missiles while intelligence reports indicate that North Korea is readying a long range, intercontinental ballistic missile that experts say could be capable of reaching the United States. More
