Five Things We're Watching: March 14, 2011
Japan faces earthquake aftermath and nuclear emergency, Gaddafi wins gains against rebels, and the Rajaratnam trial continues. Here's some of what we’re watching.
Disaster in Japan: The island nation is grappling with myriad crises unfolding following last week's earthquake. The totality of human loss and civic destruction are enormous, with an estimated 10,000 presumed dead and millions living without power and water. Japan simultaneously faces potential meltdowns at its troubled Fukushima nuclear reactors. Bank of Japan Governor Masaaki Shirakawaassured over the weekend that the agency was ready to intervene with support on Monday, as the Tokyo exchange is expected to openwith an enormous sell-off. CNBC's Kaori Enjoji reports on the latest news from Sendai.
Gaddafi Strikes Back: Crisis of a very different kind continued over the weekend in Libya, where Gaddafi's forces claimed major wins against rebels in the civil war that's ravaged the country. While Libya's east remains under rebel control, foreign powers are still considering the imposition of a no-fly zone over the country. The devastation in Japan led oil prices to back off Friday, but with no end in sight to the violence in Libya and dischord in other oil-producing nations, volatility will be the name of the game for markets.
CEO Leo Apotheker talks with the media in San Francisco Monday to outline HP's strategies for the future. Following the frenzy surrounding CEO Mark Hurd's contentious departure, Mr. Apotheker's first quarter in charge ended with disappointing earnings that erased major year-to-date gains in the stock. Our Jon Fortt reports live from the event, where the keynote presentation starts at 4:00 pm ET, before the new CEO's press conference at 5:45 pm ET.
Spring Realty Check: The unbelievably overbuilt Miami condo market went into freefall during the housing crash, with thousands of unfinished units going into foreclosure and entire developments going under. Now, investors are taking advantage: buying up huge blocks of condos at deep discounts. Diana Olick reports live from Miami on the first day of our special week-long Spring Realty Check series, looking at the the crucial themes in housing nationwide.
Raj Trial Resumes: The Raj Rajaratnam insider trading trial continues Monday with critical witness—former McKinsey senior partner Anil Kumar—still on the stand, being questioned by lead prosecutor Jonathan Streeter. Thursday's testimony was meaty, but it may get juicier Monday, when prosecutors are likely to play tapes of Kumar and Rajaratnam. CNBC Senior Correspondent Scott Cohn provides all of the color from the courthouse in downtown New York.