Police close down On Wall Street protesters.
New York police shut down Occupy Wall Street
Early this morning, the New York police shut down the Occupy Wall Street protest and arrested 70 people. Reuters reports that most of the individuals left peacefully but the 70 previously mentioned refused to leave, chaining themselves to trees and one another. Mayor Bloomberg indicated that the protest had become a public health hazard and people were no longer coming to the park to protest but to break laws.
Markets wavering based on European issues
The Dow fell 74 points on Monday, closing at 12,078. According to the Wall Street Journal, the yield on Spanish and Italian bonds began creeping up and Moody’s indicated that it was placing Credit Suisse on a watch list for a downgrade. All of these issues caused stocks to slide on Monday. CNBC reports that markets on Tuesday are down in both Europe and Asia. The Financial Times is reporting that bonds for Spain and Italy are once again creeping up in the amount of yield, a sign of increasing trouble.
BMO Harris being subpoenaed regarding MF Global information
BMO Harris is being subpoenaed by the United States Commodities Futures Trading Commission regarding information on the accounts held by MF Global and its clients, according to Reuters. BMO Harris was the primary custodian bank for MF Global. The government is stepping up its investigation of the missing $600 million and whether the company intermingled corporate funds with customer accounts. Most of the customer accounts remain frozen.
BNY Mellon faces civil suit regarding currency pricing
The Wall Street Journal reports that BNY Mellon is offering institutional and pension clients new services regarding currency pricing on the assets the custodian trades for them based upon allegations of more than $2 billion brought against the bank.. The civil action indicates that the bank was not obtaining the best currency valuation on behalf of its clients and was benefitting from the currency differentials.
Coca-Cola to invest $2 billion in India
Coca-Cola is set to invest $2 billion in India over the next 5 years to develop its manufacturing and distribution, according to the Financial Times. Coke currently has 25,000 employees in India and has increased market share to 56 percent after overcoming rumors in the past that the soda contained pesticides. Coke recently indicated it is investing $4 billion in the Chinese market.
China behind on its real estate growth promises
China has started construction of 10 million housing units this year, according to the Financial Times, but acknowledges that about a third of the units are still just holes in the ground. Real estate makes up only 10 percent of China’s overall GDP
Catherine S. McBreen is President of Millionaire Corner. McBreen plans and develops content for Millionaire Corner. Catherine balances editorial content to meet the informational needs of both new and seasoned investors. She designs special monthly surveys on topical issues affecting the economic environment.
McBreen has a B.S. in speech communications from Northwestern University and a J.D. from DePail University College of Law. She is a member of the American Bar Association, the Illinois Bar Association, and the Chicago Bar Association.
Well-known for her expertise in the affluent and retirement arenas, McBreen is a frequent speaker at industry conferences. She has been quoted widely by the financial media, including The Financial Times, The Wall Street Journal, Research, Private Asset Management, On Wall Street, Reuters, Bloomberg News, The Dow Jones Newswires and Worth. Cathy has appeared as a guest on CNBC Closing Bell, First Business Morning News, Neal Cavuto at Fox Business News, ABC and CBS radio.
McBreen is co-author with Spectrem President George H. Walper, Jr. of the book "Get Rich, Stay Rich, Pass It On: The Wealth-Accumulation Secrets of America's Richest Families" (Portfolio, January 2008)
Catherine is the mother of four and is involved in many school and community events.