Recent Financial News is a Mixed Bag

Financial news has certainly been a mixed bag recently. Below, take a look at some of the stories making news recently on the international, national, state, and local levels:
_

Foreigners Buy Into American Banks

While Americans blissfully buy millions of toxic toys and products from China ( www.magiccoalcity.blogspot.com ), the Chinese are laughing all the way to the bank -- well, actually they're buying the bank!

In an AP news article this morning, Morgan Stanley, the second largest investment bank in America, has written off almost $9 ½ BILLION due to sub-prime loans. (See Indiana's foreclosure rate: www.magiccoalcity.blogspot.com This led to the investment bank taking its first quarterly loss in seventy-three years and to taking a $5 billion infusion from an arm of the Chinese government too.

Morgan Stanley is not alone though. The article goes on to report that a couple of months ago, Bear Stearns took a $1 billion investment from China's government-controlled Citic Securities.
And it's not just the Chinese buying into banks either. Citigroup Inc. received a $7.5 billion capital infusion from the investment arm of our oil-rich friends in the Abu Dhabi government in November.
_

Unfortunately, Indiana Makes Top 10

In another AP-written news article, foreclosures are said to be up 68% compared to a year ago: http://biz.yahoo.com/ap/071219/foreclosu...

This hurts you and me both, whether we're getting foreclosed on or not (see www.magiccoalcity.blogspot.com ).
_

An Innovative Idea

In nearby Brown County, an Arts Industry Business Incubator opened December 12 in Nashville, according to the Brown County Democrat. The aim of this novel idea is to nurture arts-oriented businesses. Like many traditional business incubators, the businesses will share space and clerical support.

According to the article, the concept is supported by the Brown County Economic Development Commission, Arts Business Development Task Force, and Ball State University.
This is certainly an innovative and "think outside the box" type of idea!
We'll see how it fares in the coming months, but it seems it will dovetail nicely into the image that Nashville has tried to create over the years.
_

Our Neighbors Have Good News

Knox County received great news recently!

A press release from Vectren Fuels said they received approval from the Indiana Department of Natural Resources on Friday that they could begin mining operations in Oaktown, Indiana. They have already started site preparation, and they anticipate employing 425 miners with actual coal production in the second quarter of 2009.

Now, that's great employment news this area certainly needs!