From the WSJ:
Investors in hedge funds run by Cerberus Capital Management LP, whose audacious multi-billion dollar bet on the U.S. auto industry went bust, are bolting for the door, clinching one of the highest-profile falls from grace of a superstar in the investment world.
Clients are withdrawing more than $5.5 billion, or nearly 71% of the [...]
Personal Income was basically unchanged in July while spending rose a modest 0.2%:
Personal income increased $3.8 billion, or less than 0.1 percent, and disposable personal income (DPI) decreased $4.6 billion, or less than 0.1 percent, in July, according to the Bureau of Economic Analysis. Personal consumption expenditures (PCE) increased $25.0 billion, or 0.2 percent. In June, [...]
China’s going out strategy is about to kick into high gear:
LOS ANGELES (MarketWatch) – The president of China’s well-financed sovereign wealth fund said his group plans a massive, ten-fold expansion of its overseas investment this year, according to reported comments from an interview Thursday.
China Investment Corp. President Gao Xiqing said the fund’s foreign holdings will [...]
The biofuels industry that has enjoyed so much political support is having some problems (via WSJ):
The biofuels revolution that promised to reduce America’s dependence on foreign oil is fizzling out.
Two-thirds of U.S. biodiesel production capacity now sits unused, reports the National Biodiesel Board. Biodiesel, a crucial part of government efforts to develop alternative fuels for [...]
