QuickStockAnalysis.com

Saudi Arabia yesterday called for an urgent meeting of oil producing and consuming countries to discuss what it called the “unjustifiable rise in oil prices.” It also offered to coordinate with the Organization of Petroleum Exporting Countries (OPEC) and other major producers to ensure adequate supply in order to curb prices.

The decision to hold an oil conference was taken by the Council of Ministers, chaired by Custodian of the Two Holy Mosques King Abdullah.

Read the rest of this entry »

According to an insightfull article written by CNBC, cash-strapped Americans are ringing up more and more purchases on their credit and debit cards, and there could be a steep price to pay ahead.

Though the trend is a boon for the companies that issue the cards, analysts worry that there could be long-term problems not only for consumers but also for the anemic economy and the already-troubled banks that will be underwriting all that risky debt.

“Right now what we’re seeing is the US consumer losing their disposable income as they have to spend more and more on necessities because of higher prices for gas and food,” says Ron Ianieri, a market strategist and co-founder of the Options University investor education center. “Normally when you have a certain budget and you can’t keep up with the budget one of the easy steps is to extend that budget using credit.”

One of the main problems with that is US consumers—and their counterparts in Europe as well—already are delinquent on their credit card payments in numbers not seen in six years. The Federal Reserve last week said credit card delinquencies hit 4.86 percent in the first quarter in 2008, while revolving debt—or the type used in credit purchases—hit $957.2 billion in March, a 7.9 percent increase.

Read the rest of this entry »

Credit crisis threatens stability of Nordic banks 

While the banking systems of Norway and Sweden have managed to withstand the global economic downturn, reports from the countries’ central banks indicate that the situation is about to change. “The turmoil has … spread to new assets, markets and participants. The uncertainty … will probably persist for a long time to come. It cannot be ruled out that problems will get worse,” said Stefan Ingves, governor of Sweden’s central bank.

Oil dips below $124 on concern over US economy

Oil prices dropped below $124 a barrel Wednesday and after Federal Reserve Chairman Ben Bernanke signaled that inflation had become a more prominent concern.

By midday in Europe, light, sweet crude for July delivery was down 52 cents at $123.79 a barrel in electronic trade on the New York Mercantile Exchange. The contract fell $3.45 to settle at $124.31 a barrel in the previous session.

Smucker to acquire Folgers from Procter & Gamble for 3 billion

J.M. Smucker Co (stock ticker: SJM) on Wednesday said it would acquire the Folgers coffee business from Procter & Gamble Co (stock quote: PG) for stock valued at $2.95 billion plus the assumption of $350 million in debt.

The deal would give P&G shareholders a 53.5 percent stake in Smucker, which is known for its namesake jellies and jams and also makes Jif peanut butter and Crisco shortening — brands it previously acquired from Cincinnati-based neighbor P&G.

Read the rest of this entry »