Some Overnight News

February 27th, 2009 7:02 am | by John Jansen |

Credit growth in South Africa rose at its slowest pace in 4 years in January.

The New York Times reports that a deal has been struck between Citibank and the US government in which the taxpayer preferred stock investment will become common equity and depending on how many other (suckers) investors follow,the taxpayer will own between 30 percent and 40 percent of this (non?) nationalized entity. The Citi finally does sleep! And see you at the ballpark on Opening Day.

Bank lending in Australia rebounded in January following its first drop since 1992.

Manufacturing and household spending in Japan plummet.

Bloomberg reports than an official in China thinks that the country’s 8 percent growth target for this year is attainable.

The Prime Minister of Hungary is proposing that the EU sponsor a $230 billion package for troubled Eastern Europe. Apparently,there is an EU summit in Brussels this weekend and he will present the program at that conclave. In addition, the World Bank, the European Investment Bank ,and one I never heard of ,the European Bank for Reconstruction and Development are contributing $31 billion to stabilize the region.

I wish I had seen  this tidbit earlier. Japan’s public pension fund lost $59 billion in the turbulent Q4 2008.

Unemployment up and inflation down in Europe.

Nordic economies in freefall.

German Chancellor Merkel on global bond coordination and support for Ireland.

FNMA net worth falls below zero and reaches into the taxpayers’ pockets to claw its way back above water. The troubled entity also noted that 2009 would not be a good year.

And a depressing story about UK homeowners with negative equity.

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  2. By M on Feb 28, 2009 | Reply

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