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Golden Minerals is a junior silver producer with a strong growth profile, listed on both the NYSE Amex and TSX.
Message: Nice Headlines Today
No wonder gold is being hit again in NY today as this is their attempt to stem the panic originating from a series of horrendous news reports...
Regards - VHF
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U.S. Retail Sales Decline for a Record Sixth Month
By Bob Willis Jan. 14 (Bloomberg) -- Sales at U.S. retailers fell more than twice as much as forecast in December as job losses and the choking-off of credit led Americans to cut back on everything from eating out to car purchases. The 2.7 percent decrease, the sixth consecutive drop, extended the longest string of declines in records going back to 1992, the Commerce Department said today in Washington. Purchases excluding automobiles slumped 3.1 percent. -
Deutsche Bank announces €4.8bn loss
The Guardian
Wednesday 14 January 2009
Deutsche Bank sent a shudder of fear through the European banking sector today by announcing that it made a net loss of €4.8bn (£4.3bn) in the final quarter of 2008.
Amid fears that banks were facing a renewed crisis, Germany's biggest bank said its full-year net loss, once profits from earlier quarters had been factored in, would be of the order of €3.9bn.
In a trading update ahead of official figures on 5 February, the bank blamed exceptionally severe market developments in the final quarter of last year. It said it had suffered extraordinary hits on its credit trading and in equity derivatives, even while it was "de-risking" its once-stellar investment bank and reducing its balance sheet by €300bn.
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HSBC Holdings may need to raise $30 billion
By Steve Goldstein, MarketWatch
January 14, 2009
HSBC Holdings may need to raise $30 billion in equity and slash its dividend in half, analysts from Morgan Stanley said Wednesday in a research note that challenges the perception that the bank is one of the strongest in the world.
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Irish government fears IMF intervention
The Guardian
Wednesday 14 January 2009
The International Monetary Fund may impose budgetary cuts on Ireland's public sector, a senior member of the country's ruling Fianna Fáil party admitted today.
"The IMF stepping in is not a remote, far-off scenario," the senior source in Fianna Fáil said. His remarks came just hours after Brian Cowen, the Irish prime minister, confirmed that a trade unionist had been right to warn of the danger of the IMF imposing cuts across the republic's public sector.
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And last but not least as another once giant succumbs...
The Death of the Nortel Shareholder (NT)
John C. Ogg
January 14, 2009
Nortel Networks has just been halted for trading on wire reports that the firm has filed for bankruptcy protection. It is no secret that the company has been in more than trouble. We noted before that the company was hinting at a reverse stock split. Things went from bad to really bad to just about the worst. This may completely wipe out the holders of common stock if past bankruptcy filings are any real judge of the future.
We have called for the total and complete ouster of its CEO. Mike Zafirovski is one of our 10 CEOs to go in 2009. He did not effect any real turnaround when he could have and has now run the ship into the rocks over and over.
This filing comes only one day before interest payments were due. While Nortel had $2.3 billion in cash at its last report and while it had cash enough to cover these payments, the Canadian telecom equipment maker has some serious pension issues, has nothing but losses going for it, and faces what seems like endless losses ahead.
Depending upon how you calculate their operating losses and cash flow numbers, the firm should still have $1 billion or more in liquidity. What that number is in reality is still an unknown. What is known is that this one is the newest of the big implosions. It likely is far from the last.
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