The costs of raw materials and of just getting things from manufacturer to store shelves continue to rise and Wesley Card, chief executive of Jones Apparel Group said on Monday that those costs will likely continue to be an issue for companies like his and will also be passed on to shoppers — especially looking ahead to 2009.
“You know, I’ve lost more money in smaller positions and made more money in smaller positions in the last year than I have in 12 because of the spikes. Volatility has been unbelievable,” Firas Askari, head of foreign exchange trading at BMO Capital Markets, said at the Reuters Investment Outlook Summit.
“I think it’s fair to say it will not be as deep a recession, if
it is a recession, as many people had feared not that long ago.
There certainly is not a black hole developing in the U.S. economy,” Cohen told the Reuters Investment Outlook Summit in New York.
Credit ratings agencies have been under fire from investors for giving the highest ratings for what turned out to be risky assets.
But Standard & Poor’s President Deven Sharma told the Reuters Investment Outlook Summit investors just didn’t really understand what a triple-A rating meant.
“It’s a question a lot of people ask: Is a triple-A a triple-A a triple-A?” Sharma said. “We reflected on it and recognised one of the things we didn’t explain to investors as much as we should have done is what comparability of ratings really means.”
To listen to what he had to say, please click here
Veteran Wall Street banking analyst Richard Bove sees Lehman Brothers surviving — but he doesn’t think they’ll be making a lot of money.
There’s just not a lot of business there at the moment for brokers like Lehman, he told the Reuters Investment Outlook Summit in New York.
To listen to a clip of what Bove had to say, please click here
Sir Martin Sorrell, CEO of WPP Group Plc, was interviewed as part of the Reuters Global Technology, Media and Telecoms Summit held this week around the globe. He talked to Reuters reporter Kate Holton in London, with groups of reporters calling in from Paris and New York to ask questions. Here are extended excerpts from a longer interview: