* San Francisco Fed Reserve Bank President Yellen to speak about the U.S. economic outlook at the University of California/San Diego with a Q&A session. * Aracruz Cellulose (NYSE: ARA) to report Q2 earnings; conference call at 11:00am. Tuesday, July 8 * Richmond Fed Reserve Bank President Lacker to speak about U.S. economic outlook to the National Economists Club in Washington with a Q&A session expected.

via bloggingstocks.com

After last week's highly-anticipated Federal Reserve rate decision, in which rates were expectedly left on hold, markets have shifted their attention to the upcoming European Central Bank rate decision on Thursday.
After remaining on hold since June of last year, markets are beginning to speculate over whether the ECB will in fact follow up with rate action following strong signals sent in recent weeks from bank president Jean-Claude Trichet.

via mortgagenewsdaily.com

General Motors, battered by the slowest U.S. sales market in 15 years, faces the possibility of bankruptcy and may need to raise as much as $15 billion, a Merrill Lynch & Co. analyst said. The automaker's shares fell the most in 20 years. The “dramatic drop-off” in sales probably will continue through 2009, forcing GM to find additional funding, analyst John Murphy, who lowered the Detroit-based company's shares to “underperform” from “buy,” said in a report.

via turkishdailynews.com.tr

Lehman Brothers Holdings Inc. (NYSE: LEH) is trying real hard to convince its Gucci-clad workforce not to abandon ship. According to CNBC, employees will receive 20% of last year's bonus in stock that vests over three years. "Lehman's decision to issue additional stock to employees is being interpreted by some in the market as a sign that the Lehman is not planning to sell itself for a below-market price," writes CNBC ON-Air Editor Charlie Gasparino.

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As the airline industry tries to deal with sky-high fuel prices by cutting back on capacity, six Louisiana airports and two in Mississippi are on a list of airports most likely to lose flights, a business travel advocacy group says. A list of 150 airports that Business Travel Coalition recently identified as at risk for losing flights includes Baton Rouge Metro, Alexandria International, Lafayette Regional, Lake Charles Regional, Monroe Regional and Shreveport Regional.

via businessweek.com

A group of 10 activists gathered in front of the Washington Mutual bank in Belmont Shore on Wednesday protesting alleged predatory lending practices against people of color. The protest, organized by the Long Beach Branch of the National Association for the Advancement of Colored People, was one of 20 such events staged as an NAACP national Day of Action.

via presstelegram.com

The number of unemployed will jump by 1 million people in rich nations this year and double that in 2009 as global economic growth slows, the Organization for Economic Cooperation and Development predicted. Rising joblessness will lift the average unemployment rate of the OECD's 30 nations to 6 percent next year, the same as in 2006, from 5.6 percent last year, the Paris-based organization said yesterday in an annual report. It predicts a rate of 5.7 percent this year.

via turkishdailynews.com.tr

Huntington Bancshares Inc. introduced a mobile banking service Tuesday, allowing customers to access their accounts using a variety of communications devices.
The service offers simpler, browser-friendly text and works with cell phones, smart phones and mobile devices with Internet browser access. The Columbus-based bank developed the service over the last year after customer surveys revealed increased demand for mobile banking, said company spokeswoman Jeri Grier.

via bizjournals.com

The Federal Reserve is looking into making it easier for private equity firms to invest in banks, a move that could usher new capital infusions to cash-hungry banks and help them cope with credit problems. Fed Chairman Ben Bernanke and Treasury Secretary Henry Paulson have been encouraging banks to raise more money to rebuild balance sheets that have been hit by billions of dollars in losses from bad investments in mortgage-backed securities.

via sfgate.com

Visa Inc. on Thursday said it will reduce the transaction fees it charges gasoline retailers, who have complained that their profits are being eroded by them.
The fees are a fixed percentage of every transaction, usually just under 2 percent. So each time gasoline prices go up, so does the dollar amount of the fees, eating away at profit margins.

via businessweek.com

Economists say the higher-than-expected initial jobless claims reading for the week ending June 21 and four-year high reached in continuing claims illustrates the continued deterioration of the U.S. labour market.
Initial claims for unemployment benefits in the United States remained unchanged at 384k in the week ending June 21, following a slight upward revision to 384k in the previous week from an initially reported 381k, the Department of Labor reported Thursday.

via mortgagenewsdaily.com

The sale of Countrywide Mortgage to Bank of America absorbed another blow this week as three states took legal action against the lender. The attorneys general of California and Illinois and the Washington State department that regulates financial institutions all filed lawsuits against Countrywide on Tuesday alleging variations on the theme of mortgage fraud.

via mortgagenewsdaily.com

The European Central Bank insists it has signaled only one interest-rate increase; investors are calling its bluff. They're betting the ECB will raise rates twice this year and most predict a third step by March, even as policy makers admonish markets for jumping the gun. “We're not talking about a series of rate increases,” Executive Board member Juergen Stark said. One move “should be enough,” said board member Lorenzo Bini Smaghi.

via turkishdailynews.com.tr

The Federal Open Market Committee issued its decision on interest rates Wednesday. It kept rates unchanged as expected but increased the hawkishness of the accompanying statement. It maintained its credentials on combating inflation but was careful not to cause any trauma to the financial markets that would require reversing this position. If this were to occur, the Fed would lose credibility.

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Dutch ING Group, which purchased Turkey's Oyakbank last year, is transforming the bank and plans to start a campaign to promote the name change to �ING Bank� early next month. The signboards of Oyakbank, which previously was a subsidiary of Oyak Group, a cement-to-autos conglomerate that includes the army's pension fund, are being changed to say �ING Bank.

via turkishdailynews.com.tr

European Central Bank President Jean-Claude Trichet said inflation pressures in the euro area have increased and the bank is on alert. �Upside risks to price stability in the medium term have intensified further,� Trichet told the European Parliament in Brussels yesterday. The bank is in �a state of heightened alertness� and �determined to secure the firm anchoring of inflation expectations.

via turkishdailynews.com.tr

With the high fuel prices over the past year, solar stocks have been making some nice gains. But there are some signs that they may not be as safe as they appear. Investors' interest in solar companies increased due to soaring crude futures, but there are some factors to take into account before investing money into solar.

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A toxic brew of bad bets on ultra-risky debt, a weak economy, and plunging home prices could soon leave some U.S. banks short of the cash they need to stay afloat. Adding to their worries is a sense that it's getting harder and harder for institutions to raise funds.
As a result, concerns are rising that the U.S. could see a wave of bank failures in the next year. While big banks, starting with giants such as Citigroup (C), Bank of America (BAC), and Wells Fargo (WFC) grab headlines, their financial standing is reasonably secure.

via businessweek.com

The Tampa Bay Rowdies, among the most successful teams in the North American Soccer League before the league folded following the 1984 season, are about to be revived, thanks to the investment of Boston University graduates Hinds Howard and Andrew Nestor. "That was a special time in soccer, with the Cosmos and the rivalries they had with the Rowdies," Nestor said yesterday. "You can't recreate that. But there is a strong fan base in Tampa."

via boston.com

Lawmakers eager to curb speculation in oil markets got support Monday from witnesses who told a House subcommittee that oil prices could fall sharply if Congress put strict limits on trading in energy futures by investment banks, pension funds and other financial investors. But officials of the Commodity Futures Trading Commission disputed the findings of a Congressional study that concluded 70% of trading in certain key oil futures contracts is now speculative.

via online.wsj.com

Treasury prices were little changed Monday as investors positioned themselves ahead of the Federal Reserve's interest rate decision. The Fed is scheduled to meet Tuesday and Wednesday, and then Wednesday afternoon release its rate decision. Most market participants do not expect policy makers to alter interest rates this week, but many believe the Fed could start raising rates as soon as September, as several central bank officials have recently focused their comments on the growing threat of inflation.

via chron.com