April 22, 2012 |
European debt problems have kept financial markets on edge during much of the last two years, but it is the debt problem in the United States that is far more likely to precipitate a global crisis. Recently, Lawrence Goodman, a former crisis-prevention analyst at the U.S. Treasury, sounded the alarm that investors balked at low coupon rates last year, forcing the Fed to buy "a stunning … 61 percent of the total net issuance of U.S. government debt. " His view that ballooning deficits and excessive debt put the U.S. economy and markets at risk for a sharp correction also explains why the recovery is so weak and why trillions of dollars remain sidelined.
April 9, 1992 |
On the contrary, officials of the Philadelphia Stock Exchange rolled out the red carpet yesterday for a group of bankers and business leaders visiting from the former Soviet Union. The exchange is the world's largest exchange- traded market for foreign-currency options.
November 11, 1989 |
Beginning early in 1990, the Philadelphia Stock Exchange will extend its trading day in foreign-currency options by an additional 6 1/2 hours to accommodate trading in the Far East and Pacific Rim, exchange officials said yesterday. Under the plan, approved this week by the PHLX board of governors, the currency options floor will be open a total of 20 1/2 hours a day - 19 1/2 during Daylight Savings Time - compared with 14 1/2 hours currently. Nicholas A. Giordano, president of the exchange, said the additional hours are another step toward 24-hour trading.
December 7, 1992 |
Sure, sure, we've all got problems. But here's a particularly interesting one for the corporate travel manager or budget administrator of a company with employees who travel frequently to Europe or who are posted abroad. In the fall of 1991, as companies were planning their 1992 budgets for travel and other expenses, it took $1.70 in U.S. currency to buy one British pound. By the time those budgets took effect in January, the exchange rate was about $1.80 to the pound. By late summer, things were really grim, with the rate at about $1.95 to the pound.
September 14, 1987 |
The Philadelphia Stock Exchange is set to make financial history this week by becoming the first U.S. securities market with evening trading hours. After the clang of a ceremonial opening bell at 7 p.m. Wednesday, traders from around the world, linked by telephones and computers, will begin swapping options and futures on Japanese yen, Australian dollars and German marks, said Joseph S. Rizzello, PHLX senior vice president. By being open from 7 to 11 p.m. Sunday through Thursday, Rizzello said the PHLX hopes to accommodate traders in Tokyo, Hong Kong and Australia by bridging the 13-hour time difference.
August 5, 1986 |
United Medical Corp. yesterday reported that its revenues increased 16 percent for the three months ended June 30. Second-quarter sales for the Haddonfield company climbed to $13.6 million from $11.7 million in the period a year ago. However, net income for the supplier of medical equipment fell sharply to $225,000 or 6 cents per share from $606,000 or 22 cents per share a year ago. The company attibuted the reversal to a one-time pretax charge...
June 23, 1988 |
The dollar soared yesterday to its highest level in eight months against the West German mark, a move traders attributed to a signal that the major industrial democracies would accept a higher U.S. currency. The surge in the dollar's value against other currencies began early yesterday, apparently in response to a statement by West German Finance Minister Gerhard Stoltenberg in Toronto on Tuesday that the recent rise in the dollar was no cause for concern. Sources at the Bank of Japan in Tokyo made similar comments yesterday.
March 7, 1990 |
Global interest rates, including long-term rates in the United States, should begin falling by July by up to half a percentage point, according to the chief economist of Deutsche Bank, Europe's biggest bank. U.S. rates have risen about three-quarters of a percentage point since mid- December - hurting home sales and other long-term investments. The rise in U.S. rates has been attributed mainly to competition with rising rates in West Germany and Japan. But German rate increases were driven by fears of inflation that were unrealistically exaggerated, said Norbert Walter, the Deutsche Bank economist.
March 5, 1992 |
An $8.1 billion trade jolted the Philadelphia Stock Exchange into action early yesterday as the nation's oldest trading house set what it believes is a world record for the single largest currency-options swap on an exchange floor. The transaction, representing 180,800 French-franc contracts, broke all previous records at the exchange for both dollar value and volume of trades, said Joseph S. Rizzello, senior vice president of marketing for the exchange. "This is the single biggest transaction that has ever taken place on any exchange floor in the world that I'm aware of," Rizzello said.
November 23, 1991 |
A Ghanian woman swallowed 13 balloons filled with $6,500 in $100 bills as part of an unsuccessful effort to smuggle $60,000 out of Kennedy Airport, officials said yesterday. Vivien Mensah, 29, a resident alien living in Queens, is the first person ever nabbed on charges of using body cavities to sneak currency out of the country, according to the U.S. Customs Service. Assistant U.S. Attorney Margaret Giordano said Mensah was arrested Nov. 14 with $50,000 in a wallet and luggage.