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Storms cripple parts of North America My mother never would have let me stay home from school because of snow - even if the school was closed - so I'm in the Toronto newsroom today, wondering why other people across North America aren't at their offices and factories.
A large part of North America's economy is crippled today because of storms sweeping across the continent. Plants are closed, thousands of flights are cancelled, many office workers are staying home, and it won't be too long before someone calculates the hit to GDP.
All joking aside, the storms are serious and life-threatening, and, in the U.S., affecting many states.
"Before considering getting on the roads this morning, ask yourself if getting to your destination is worth risking your life," said the U.S. National Weather Service.
In Australia, weather is also threatening a country already beset by flooding. Mines are shut down, as are railways, and farmers are preparing for the worst as Tropical Cyclone Yasi, the worst since 1918, hits the Australia coast. According to Bloomberg News, losses to sugar crops could hit more than $500-million (U.S.), and a huge portion of the cattle herd killed.
The cost of grain is also on the rise again, not only because of the snow storm in U.S. grain-producing areas, but also because markets expect more demand from Middle Eastern countries in a bid to curb the growing social unrest.
- Storm hammers southern Ontario, shutting schools and delaying travel
- Strong cyclone bears down on north Australia coast
Wall Street's pay haul You might think the financial crisis and global recession were a distant memory: Wall Street's partying like it's 2007.
According to an analysis today by The Wall Street Journal of pay and benefits at publicly traded Wall Street firms, the total compensation hit a record $135-billion (U.S.) for 2010. That's a 5.7-per-cent increase from a year earlier.
A study of 25 major firms that have now reported annual results also shows revenue reached a record $417-billion.
While the compensation numbers are large, the anger of bankers' compensation is having an impact, according to the report. A bigger portion of compensation is now being deferred, the Journal said. But make no mistake: "Things are shifting back to where they were before," Professor J. Robert Brown of the University of Denver told the newspaper.
Egypt in chaos Egypt remains a powder keg today as demonstrations continue and foreigners try to flee Cairo. Fears are also mounting over the state of the country's banking system.
Moody's Investors Service today downgraded several banks, and put others under review, saying the move was prompted by its "reassessment of the country's capacity to support its banking system."
Oil prices were steady today, but still holding at high levels.
- Clashes break out as pro-Mubarak Egyptians pour into the streets
- Moody's cuts 5 Egyptian banks
- Read our complete coverage of the crisis in Egypt
Fed picks up Treasuries Pop quiz: Who's the biggest holder of U.S. Treasuries? According to The Financial Times today, it's the Federal Reserve, which has surged past China. And it's not even half way through its quantitative easing program aimed at lowering longer-term interest rates through $600-billion (U.S.) in purchases of longer-term Treasuries.
The Fed's holdings are now at $1.11-trillion, compared to China's $896-billion and Japan's $877-billion.
Suncor profit surges Suncor Energy Inc. said today its fourth-quarter profit surged to $1.35-billion, or 87 cents a share, from $457-million, or 29 cents, a year earlier.
Total production, though, dipped because of assets sold last year.
Notably, Suncor now expects capital spending of $6.7-billion this year, compared to $5.7-billion last year.
Boyd Erman's Morning Meeting The big profit numbers for hedge fund managers (like John Paulson's $5-billion score) will goad regulators into more regulation of the industry, Streetwise columnis Boyd Erman writes today.
In Personal Finance today
When buy and hold turns into buy and forget, your portfolio becomes a muddle.
In this week's Cash Clash, a couple wants to hit $1-million target in savings for the golden years but are struggling over the risk factor.
Carmen Wong Ulrich puts spending into perspective in The Real Cost of Living.
From today's Report on Business