Word: monday
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...same time, the investment-friendly biotech industry is blossoming with the official opening on Monday of the North Carolina Research Center in Kannapolis, just 30 minutes from downtown Charlotte. The public-private partnership is the vision of David Murdock, the billionaire owner of Dole Food Company and Castle & Cooke. Estimates are that eventually the campus will create 5,500 biotech jobs locally and 37,000 related jobs across the region. More than symbolic, the NCRC stands on the grounds of a former textile mill, Pillowtex, which closed in 2003 with a loss of nearly 5,000 jobs...
Exactly two weeks after Mitsubishi UFJ Financial Group, Japan's top lender, tossed a $9-billion lifeline to Morgan Stanley - in exchange for a 21% stake - Mitsubishi UFJ is in need of some help itself. On Monday, Japan's largest bank said that it needs to raise $10.7 billion in capital and will be selling common and preferred shares. It was negative news following negative news. Less than one week ago, Mitsubishi UFJ downgraded its net profit for the first half of the year to about half of what it was last year at this time. Japan's Nikkei index...
...economists and bank analysts have mixed views on just how much exposure banks now have to stock price movement. Hironari Nozaki, a bank analyst at Nikko Citigroup, says that mega-banks should be stable even if the Topix plummets to 600 or the Nikkei 5,500. (they closed Monday at 746 and 7,162 respectively). "But," he says, "I don't want to imagine that situation...
Indeed, there is a sense of deja vu in the proposals of the government and regulators to stabilize the financial system. On Monday, Prime Minister Taro Aso called for a drafting of emergency measures, such as purchasing stocks held by banks, limiting the short selling of stocks and increasing the amount of taxpayer money to be injected into banks from 2 trillion yen to 10 trillion yen - all reminiscent of Japan's 1990s meltdown. The government action appears to be focused on preempting losses caused by share prices. Declared Aso, "Stock prices greatly influence the real economy...
...convincing. (In that regard, he did himself no favors over the weekend, admitting that he and Bush share a "common philosophy," which Obama quickly seized upon.) Heeding calls from the likes of Pennsylvania governor Ed Rendell not to take the state for granted, Obama is returning for rallies both Monday and Tuesday of this week. Absent a seismic event that changes the entire election dynamic, such an outcome for McCain is unlikely at best. "It's a very long shot," says a Republican strategist who advises the campaign. "But it's not impossible. At least it's something to hold...