Word: signs
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...reason for all of this fighting is that there is a disagreement concerning the fundamental values of the U.S. money center banks. It has become a sign of sophistication for an institutional stock picker to say that a company's stock value is zero. Recently, there have been research notes that say that GM (GM) is worth zero, and that Citi is. Saying something is worth zero is too easy. Most analysts have to give a range of prices and reasons for their upper and lower targets for share value forecasts. Saying something is worth zero is cheating. It takes...
...Beijing Replacing the Dollar? In a sign of growing concern over the U.S. economy, the head of China's central bank proposed implementing a new currency-reserve system that could ease the country's reliance on the dollar. Experts say the move underlines China's desire to take a leadership role in the global response to the financial crisis. Still, few analysts expect the dollar to be replaced by what Zhou Xiaochuan called a new "supersovereign reserve currency" in the foreseeable future. China, which holds nearly $2 trillion in foreign-exchange reserves, is the U.S.'s largest creditor...
Forget Cancún--how about California? Online travel agency Expedia.com reported a 20% drop in flights from the U.S. to the Caribbean from this time last year for some airlines--a sign that more college students are staying Stateside (and saving money) during spring break. That's good news for Orlando, Fla.; Los Angeles; and New York City, which have seen a 25% jump in trips this year...
...used the currency-swap facility Malaysia has in place with China. Much of Intel's internal trade is still transacted in dollars, according to Loo Cheng Cheng, a Penang-based corporate-affairs executive with Intel. According to Citigroup's Chua, companies in South Korea, which was the first to sign a swap facility with China, have so far also declined to utilize it. Indeed, even if it were used, the $26 billion facility could only absorb a fraction of the trade between South Korea and China, which totaled $168 billion...
...would take the greenback's place? Economists say that China's suggestion of turning to SDRs might be viable, since SDRs are already considered a core part of central-bank reserves. But global traders would have to begin denominating transactions in SDRs instead of dollars, and there is no sign of that happening anytime soon. Portes of the London Business School says using SDRs as the top international currency is "not impossible," but he adds that "the fundamental problem is that the issuer of the [international] currency also has to be the lender of last resort. The IMF does...