The Economist (November 3)
Even as profits have tumbled, balance sheets have soared as companies across the globe put more cash aside. “The financial crisis has made firms more skittish about relying on banks or securities markets for funds.” At least in Japan, this “urge to save may be lessening. Japanese firms, with few growth prospects at home, have been making foreign deals. Marc Zenner of JPMorgan Chase notes that in the past 18 months firms that announce acquisitions have been rewarded with higher share prices.”
Tags: Balance sheets, Banks, Cash, Foreign acquisitions, Japan, Profits, Share price
Bloomberg (November 2)Bloomberg (November 2)
New York City Mayor Michael Bloomberg, an independent, endorsed Democratic President Obama. Obama’s position on climate change was a major factor in the endorsement. “Our climate is changing. And while the increase in extreme weather we have experienced in New York City and around the world may or may not be the result of it, the risk that it might be – given this week’s devastation – should compel all elected leaders to take immediate action.”
New York City Mayor Michael Bloomberg, an independent, endorsed Democratic President Obama. Obama’s position on climate change was a major factor in the endorsement. “Our climate is changing. And while the increase in extreme weather we have experienced in New York City and around the world may or may not be the result of it, the risk that it might be – given this week’s devastation – should compel all elected leaders to take immediate action.”
Tags: Bloomberg, Climate change, Extreme weather, New York, Obama
Ceres (November 1)
Losses from Hurricane Sandy may run as high as $50 billion. Ceres has urged “insurance companies to reckon with the economic implications of increasingly unpredictable and extreme weather induced by climate change.” They should take the lead in pushing “for climate-friendly legislation and measures to improve resilience, such as building communities in safer areas and moving electrical equipment in buildings from basements to higher floors.”
New York Times (October 31)
“Still hobbled by power outages and waterlogged transit, the New York region struggled to return to the rhythms of daily life on Wednesday, while facing the reality of a prolonged and daunting period of recovery.” Both the NYSE and NASDAQ are scheduled to resume trading with Mayor Michael Bloomberg scheduled to “open the New York Stock Exchange on Wednesday morning after a two-day closure, the first for weather-related reasons since 1888.”
