Obama says will confront economic woes head-on (at Reuters) and UPDATE - Mexico to start bond buybacks on Dec 1 (at Reuters)
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City of Industry, CA --(www.USEquityNews.com)-- 11/07/2008 - International industry alert provided by U.S. Equity News. CHICAGO, Nov 7 (Reuters) - President-elect Barack Obama said on Friday the United States was facing one of its greatest economic challenges and vowed to confront the crisis head-on as soon as he takes office in January. Investors are awaiting Obama's choice of Treasury secretary, who will spearhead economic recovery, but Obama made clear he would not be rushed into making hasty appointments. "I want to move with all deliberate haste, but I want to emphasize deliberate as well as haste," he said. A president-elect would typically take weeks, if not months, to settle on Cabinet choices. But in light of the financial crisis Obama is moving swiftly and will likely name his economic team soon. "I'm confident that we're going to have an outstanding team, and we will be rolling that out in subsequent weeks," added Obama, 47, who swept to a decisive victory in Tuesday's election. [Read the full article]
MEXICO CITY, Nov 7 (Reuters) - Mexico will begin buying back long-term bonds on Dec. 1 as part of a previously announced program to help the country's financial system weather the global credit crisis, the finance ministry and central bank said on Friday. The government said last month it would buy back up to 40 billion pesos in 10- to 30- year peso and inflation-indexed debt to boost liquidity in local debt markets. Authorities will also hold interest rate swap auctions twice weekly between Nov. 14 and Nov. 28, the ministry and bank said in a joint statement. The 50 billion peso swap program, also announced last month when Mexican financial markets were reeling from a global sell-off of risky assets, will allow holders of long-term fixed rate bonds to swap their positions for short-term variable rate bonds. The central bank said on Friday it will use Mexico's benchmark TIIE interbank lending rate
* Obama says moving quickly on Cabinet appointments (Updates prices, adds comment, changes byline) NEW YORK, Nov 7 (Reuters) - The dollar dipped against most major currencies on Friday after data showed U.S. employers cut 240,000 jobs last month, pushing the jobless rate to a 14-year high and adding more dark clouds to a gloomy economic horizon. U.S. President-elect Barack Obama, in his first press conference since winning the election, said the United States was facing "the greatest economic challenge of our lifetime" and called for a stimulus package "sooner rather than later." Wall Street gained, however, after two straight days of steep losses, helping lift the dollar against the yen and limit its losses elsewhere. Analysts said that was partly because the jobs data underscored what investors already know: the U.S. labor market is under severe strain. [Read the full article]
SAO PAULO, Nov 7 (Reuters) - Brazil's central bank will offer about $700 million in dollar swap contracts on Monday as part of an ongoing effort to supply the foreign exchange market with liquidity. The bank said on Friday it will offer up to 14,000 contracts. It resumed selling dollar swaps last month for the first time in more than two years, one of several measures it has taken to add liquidity to the financial system. [Read the full article]
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