Press TV - Turkey rejects US bank request on Iran

Press TV - Turkey rejects US bank request on Iran: "A Turkish official has refused a US request to scrutinize and then suspend the activities of the Turkey-based Iran's Bank Mellat."

Jim Rogers: 'It's going to be much worse' - Jan. 31, 2008

Jim Rogers: 'It's going to be much worse' - Jan. 31, 2008: "NEW YORK (Fortune) -- You might expect Jim Rogers to be gloating a little bit. After all, the famed investor has been predicting a recession in the U.S. economy for months and shorting the shares of now-tanking Wall Street investment banks for even longer. And with fears of a recession sparking both a worldwide market sell-off and emergency action from Federal Reserve chairman Ben Bernanke, Rogers again looks prescient - just as he has over the past few years as the China-driven commodities boom he predicted almost a decade ago began kicked into high gear. But when I reached him by phone in Singapore the other day there was little hint of celebration in his voice. Instead, he took a serious tone.

'I'm extremely worried,' he says. 'I have been for a while, but I just see things getting much worse this time around than I expected.'"

Feed Article | Business |

Feed Article | Business |: "MOSCOW, Jan 30 (Reuters) - Russia's metals billionaires are moving into gold, attracted by record prices and the prospect of carving a share of production that is forecast to rise 40 percent by 2015.
Six of the 10 richest Russians ranked by Forbes magazine own gold assets in a country with reserves second only to South Africa's."

The Raw Story | US home foreclosures surge

The Raw Story | US home foreclosures surge: "Home repossessions spiked across the United States during 2007 leaving over one percent of all households in some stage of foreclosure, an industry report showed Tuesday.

RealtyTrac, a California-based company which tracks foreclosure activity, said 2.2 million foreclosure filings were lodged during 2007, marking a 75 percent increase compared with the prior year.

The percentage of households in foreclosure almost doubled from 0.58 percent in 2006, signalling the slump in the US housing market has yet to abate."

Silver may outshine gold, experts say

Silver may outshine gold, experts say: "While gold has made all the headlines this year after passing through landmark highs, silver has very quietly kept pace. And many experts believe the metal could outperform gold in the months ahead."

PeoplePC - News

PeoplePC - News: "CARACAS, Venezuela - Venezuelan President Hugo Chavez urged his Latin American allies on Saturday to begin withdrawing billions of dollars in international reserves from U.S. banks, warning of a looming U.S. economic crisis."

INO Equities Stocks Indexes - U.S $ INDEX (NYBOT:DX) Price Chart and Quote

INO Equities Stocks Indexes - U.S $ INDEX (NYBOT:DX) Price Chart and Quote: "U.S $ INDEX"

Soros Sees 'End Of An Era' - Forbes.com

Soros Sees 'End Of An Era' - Forbes.com: "Davos, Switzerland -
Billionaire financier George Soros believes that the current market turmoil and economic uncertainty do not represent 'a normal crisis similar to the other crises' and that the problems of credit, equities and the dollar are 'an end to an era.'

He told a group of writers at the World Economic Forum in Davos, Switzerland, that it appeared that the world's central banks had 'lost control' and that a recession would be 'very difficult' to avoid."

Existing single-family home sales drop - Yahoo! News

Existing single-family home sales drop - Yahoo! News: "WASHINGTON - Sales of existing single-family homes plunged in 2007 by the largest amount in 25 years, closing out an awful year that saw median prices fall for the first time in at least four decades."

Capital One 4Q Profit Falls 42 Percent: Financial News - Yahoo! Finance

Capital One 4Q Profit Falls 42 Percent: Financial News - Yahoo! Finance: "CHARLOTTE, N.C. (AP) -- Capital One Financial Corp.'s fourth-quarter profit fell 42 percent, hurt by rising losses on credit card loans and charges from closing its GreenPoint Mortgage business, the credit card company said Wednesday."

Bloomberg.com: Currencies

Bloomberg.com: Currencies: "``The current crisis is not only the bust that follows the housing boom, it's basically the end of a 60-year period of continuing credit expansion based on the dollar as the reserve currency,''"

BBC NEWS | Business | Rogue trader to cost SocGen $7bn

BBC NEWS | Business | Rogue trader to cost SocGen $7bn: "French bank Societe Generale says it has uncovered 'massive' fraud by a Paris-based trader which resulted in a loss of 4.9bn euros ($7.1bn; �3.7bn).

The bank said the fraud was based on simple transactions, but concealed by 'sophisticated and varied techniques'.

It also announced new write-downs of 2.05bn euros related to the sub-prime mortgage crisis in the US.

The bank's shares, which were suspended in the morning, lost 3.6% when they resumed trading."

DeBeers Settlement

DeBeers Settlement: "This website provides information about a proposed settlement of class action lawsuits concerning the price of diamonds and diamond jewelry. The proposed settlement is currently pending in the U.S. District Court for the District of New Jersey. The defendants are certain companies within the De Beers Group."

Jan 17, 2008 Casino Royale Brian Bloom 321gold . . . s

Jan 17, 2008 Casino Royale Brian Bloom 321gold . . . s: "Let there be no misunderstanding. The 'investment' markets across the globe have become like casinos and, in trying to make a buck in any of these markets, you are betting against the house. If you want commodity prices in general to rise, and the gold price in particular to rise, you can be sure that the house wants these prices to fall. If you want the price of industrial equities to fall, you can be sure that the house wants them to rise. Who will pocket the most winnings in this monstrous game of roulette?"

California home prices drop nearly 15 percent - Real estate- msnbc.com

California home prices drop nearly 15 percent - Real estate- msnbc.com: "LOS ANGELES - The median price of a home in California tumbled nearly 15 percent amid a steep drop in sales in December, a real estate research firm said Thursday.

The median home price hit $402,000 last month, down 14.8 percent from $472,000 in the year-ago period, according to DataQuick Information Systems.

The state’s median home price peaked last spring at $484,000."

Panic selling shuts 2bn fund | Money | The Guardian

Panic selling shuts 2bn fund | Money | The Guardian: "One of Britain's biggest property funds was forced to shut its doors to withdrawals yesterday after the slump in commercial prices triggered panic selling by small investors."

FINANCE - Fed Is Ready to Cut Interest Rates Again - Top News - Comcast.net

FINANCE - Fed Is Ready to Cut Interest Rates Again - Top News - Comcast.net: "WASHINGTON - Federal Reserve Chairman Ben Bernanke pledged Thursday to slash interest rates yet again to prevent housing and credit problems from plunging the country into a recession."

Goldman Sachs sees recession in 2008 - Yahoo! News

Goldman Sachs sees recession in 2008 - Yahoo! News: "NEW YORK (Reuters) - Goldman Sachs on Wednesday said it expects the U.S. economy to drop into recession this year, prompting the Federal Reserve to slash benchmark lending rates to 2.5 percent by the third quarter."

Super Soaker Inventor Cuts Solar Power Costs - Johnson Thermoelectric Energy Conversion System - Heat Engine - Popular Mechanics

Super Soaker Inventor Cuts Solar Power Costs - Johnson Thermoelectric Energy Conversion System - Heat Engine - Popular Mechanics: "Solar energy technology is enjoying its day in the sun with the advent of innovations from flexible photovoltaic (PV) materials to thermal power plants that concentrate the sun’s heat to drive turbines. But even the best system converts only about 30 percent of received solar energy into electricity—making solar more expensive than burning coal or oil. That will change if Lonnie Johnson’s invention works. The Atlanta-based independent inventor of the Super Soaker squirt gun (a true technological milestone) says he can achieve a conversion efficiency rate that tops 60 percent with a new solid-state heat engine. It represents a breakthrough new way to turn heat into power."