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Yen slips, euro hits 2-1/2-yr low vs dollar 2008-10-28 04:31:39 The yen slipped against the dollar and the euro on Tuesday, as caution grew about the prospect of intervention and as some market players took profits on last week's surge in the Japanese currency.The euro hit a 2-1/2-year low against the dollar a day after European Central Bank President Jean-Claude Trichet said the bank could cut rates at its next meeting on Nov. 6. Read more:slips
The Wal-Mart Weekly: Wal-Mart donates $370,000 to Michigan food banks 2008-10-28 04:16:05 his week, let's try and jump-start some pre-holiday sheer and take a look at Wal-Mart Stores Inc. (NYSE: WMT) recent donation to nine regional food banks
around the state of Michigan
. The Wal-Mart Foundation gave a total of $75,000 last year to the same food bank collection, so this year's donation amount was quite stunning. Dave Karr, Director of the Mid-Michigan food bank, stated that "We didn't Read more:Weekly
Oil rises to $64 on Asian stock market rebound 2008-10-28 04:12:37 Oil prices rose to $64 a barrel Tuesday in Asia as a rebound in regional stock markets bolstered sagging investor confidence over a global economic slowdown. Light, sweet crude for December delivery rose 78 cents to $64.00 a barrel in electronic trading on the New York Mercantile Exchange by midafternoon in Singapore after trading as low as $61.75. The contract fell overnight 93 cents to close at Read more:Asian
International markets still gloomy 2008-10-28 04:03:15 International financial markets have again recorded serious losses. In Japan, the Nikkei index lost 6.4 percent to close at its lowest level in 26 years. Hong Kong lost 12.7 percent in its biggest single-day drop since 1991. The East Asian economies are especially vulnerable because of their strong dependency on exports. Read more:gloomy
, International
Gold falls as US Dollar gains 2008-10-28 03:59:32 Gold fell for the fifth time in six days in Asia as the U.S. dollar's strength kept a lid on investor demand for the precious metal as an alternative asset. The U.S. dollar is reasserting its status as the world's reserve currency as growth slows in Europe and investors seek a haven from plunging stock and bond prices in emerging markets. The currency soared to a two-year high versus the euro yest Read more:Dollar
, gains
Hayleys to support oil and gas industry 2008-10-28 03:50:07 Hayleys Advantis formed a joint venture with leading energy services group, Edgo Hayleys PLC, one of Sri Lanka’s oldest and most respected conglomerates, formalised plans to extend the Group’s expertise and interest into the oil and gas industry
to support and facilitate efforts to explore, extract and develop hydrocarbon reserves in the country.
BusinessDay.co.nz NZOG repays Kupe gas debt 2008-10-28 03:48:10 New Zealand Oil&Gas has fully paid its debt on the Kupe gas project but retained the $125 million debt facility to ensure ready access to funds, if wanted. In its report for the September quarter, released today, the company also said its operating revenue from the Tui field was $72.3m during the quarter. Both Kupe and Tui are in the offshore Taranaki Basin.
Intel Capital to invest $20 mln in solar venture 2008-10-28 03:45:05 Shrugging off gloom over the economic outlook, Intel
Capital on Tuesday announced its first "clean-tech" initiative in China, a $20 million equity invest
ment in Trony Solar Holdings Co. "The world economy is in a very difficult position, but innovation is the way to help the companies out of financial crisis. Intel Capital is still committed to investing in innovative companies," Cadol Cheung, man
Makeover needed: CEO pay 2008-10-28 03:42:20 You may have noticed, as I did, that Treasury Secretary Henry Paulson seemed colossally uncomfortable during his testimony before Congress in September. Obviously, no one would enjoy jumping into Paulson's shoes and defending the merits of the government's $700-billion bailout bill to skeptical senators. However, the good Secretary's level of discomfort went up to 11 when the legislators began gri Read more:Makeover
ASIA MARKETS Hang Seng rockets 13%; Nikkei ends 6.4% higher 2008-10-28 03:18:37 Asian markets endured another volatile session Tuesday, with Hong Kong stocks rocketing more than 13% at one point after suffering steep losses during the previous five sessions. Japanese stocks nudged a new post-bubble low before reversing for a muscular gain in the afternoon. South Korea also joined in the bullish mood, rising more than 5%. Markets in Singapore, Malaysia and New Zealand fell sha
Oil slides below $63 as recession worry dominates 2008-10-28 03:16:49 Oil erased early losses to rise by one dollar to above $64 on Tuesday, tracking a rebound in Asian stock markets as investors returned to buy beaten-down shares.The U.S. dollar's easing from an earlier 2- year high against the euro also helped and traders looked ahead to signs that OPEC was actually slashing output by about 5 percent in line with a decision taken last week. U.S. Read more:worry
Honda reports drop in quarterly profit 2008-10-28 03:14:43 Honda reported a 41 percent drop in quarterly profit
Tuesday on declining sales and a stronger yen, forcing Japan's second-biggest automaker to lower its forecasts for the full year. Honda Motor Co., with its fuel efficient Civic and Accord models, has avoided the deep problems of its money-losing American rivals. But the latest results show that even that Honda appears to be suffering some from a Read more:Honda
Warren Buffett: I should be paying more in federal taxes 2008-10-28 03:13:22 Want to sum up the United States' fiscal situation in a word? WarrenBuffett
did, or did so in 16 words to be exact, in a chat with The New York Times: "I'm paying the lowest tax rate that I've ever paid in my life," Buffet said. "Now, that's crazy." Further, Buffett, the world's richest person as ranked by Forbes Magazine with wealth totaling $62 billion, also said the U.S. Government should incr Read more:Warren Buffett
Mediator: tentative deal to end Boeing strike 2008-10-28 03:12:13 A tentative settlement was reached late Monday to end a machinists' strike
that has shut down Boeing
Co. commercial airplane operations since Sept. 6, a federal mediation service spokesman confirmed. The Machinists union said the deal would enhance job security. Francis "Frank" Larkin, a spokesman for the International Association of Machinists and Aerospace Workers in Washington.
Rupee against dollar up by paisa 5 2008-11-14 05:43:52 KARACHI: The value of rupee against
dollar at the end of the inter-bank market today closed higher by paisa 5 to Rs80.40 for a dollar. Forex market dealers said that the value of rupee stabilizing during the current week restored the confidence of the people, especially the investors. On the other hand, the value of dollar in the open market is seen even lower than that of the inter-bank, as it is Read more:Rupee
Democrats hunt for support for auto bailout 2008-11-14 05:43:08 Senate Democrats
pressed ahead on Thursday with plans to vote next week on a $25 billion emergency loan plan for U.S. carmakers as the auto industry and business groups readied a lobbying onslaught to overcome GOP opposition.Senior Democrats are drafting legislation that would carve out part of the $700 billion Wall Street bailout for loans to the three major U.S. auto companies in exchange for a
GBS Gold Update-Expected Late Filing of Q3 Financials 2008-11-14 05:41:44 The Company advises that, as a result of the recent appointment of administrators to its Australian subsidiaries, it is unlikely to be able to meet the statutory deadline of November 14, 2008 for filing of its third quarter consolidated interim financial statements and MD&A. GBS Gold expects to file these documents no later than November 28, 2008, which is within the filing period prescribed for v Read more:Expected
, Filing
, Update
Financial crisis 2008-11-14 05:40:15 ISLAMABAD: The Capital Development Authority’s (CDA) Finance Wing has directed all directorates of the authority to stop the tendering of development projects.However, the Finance Wing asked the directorates to invite tenders on necessary projects whose worth was not more than Rs 2 million. Various directorates of the CDA informed the Finance Wing that they had completed planning and designing o Read more:Financial
Pakistan Steel Mill among 17 units to be privatised 2008-11-14 05:38:29 ISLAMABAD: The National Assembly was informed on Thursday that 17 public-sector industrial units
, including the PakistanSteel
Mills and the Qadirpur Gas Field, would be privatised during the current financial year. In a written reply to a question by MNA Raja Muhammad Safdar Khan during the Question-Hour, Minister for Privatisation Syed Naveed Qamar said that the units to be offloaded this year i
OECD nations in recession 2008-11-14 05:36:36 Oil fell $1, nearing $57 on Friday taking back some of the four percent gains of the previous session when an equity market bounce helped pulled prices higher. U.S. crude futures for December shed $1.03 to $57.21 a barrel at 0956 GMT after closing $2.08 higher on Thursday. London Brent crude for January, the new front-month, lost $1.30 to $54.94. Expectations that OPEC would cut output again late
Oil retreats $1 after surge on shares rally 2008-11-14 05:35:06 Oil fell $1, nearing $57 on Friday taking back some of the four percent gains of the previous session when an equity market bounce helped pulled prices higher. U.S. crude futures for December shed $1.03 to $57.21 a barrel at 0956 GMT after closing $2.08 higher on Thursday. London Brent crude for January, the new front-month, lost $1.30 to $54.94. Expectations that OPEC would cut output again late Read more:shares
Global rally fails to boost Sensex 2008-11-14 05:34:05 Despite a surge in global markets, domestic concerns weighed on the Sensex on Friday. The benchmark index ended 150 points lower at 9,385 after shedding early gains. The broader benchmark Nifty lost 1.3 per cent to end at 2,810 levels. The markets remained choppy throughout the day, reaching an intraday high of 9,826 and a low of 9,267. A single-digit inflation and a sharply higher Asian markets Read more:Global
Italian economy slides into recession 2008-11-14 05:32:09 Government data show that the Italianeconomy
is officially in recession. Europe's fourth-largest economy recorded negative growth for the second consecutive quarter in the third quarter. The ISTAT statistics office said Friday that gross domestic product in the July-September period contracted by 0.5 percent compared with the previous quarter and by 0.9 percent compared with the same quarter in 2
Japan to offer up to $100B for IMF bailout fund 2008-11-14 05:30:12 Japan will offer to loan up to $100 billion for an International Monetary Fund bailout fund to support nations reeling from the global financial crisis, a Japanese government official said Friday. rime Minister Taro Aso will make that offer at this weekend's Group of 20 meeting in Washingon, the official said asking not to be identified by name because of government protocol restricting release of Read more:Japan
Citigroup plans to slash 10,000 jobs 2008-11-14 05:28:54 Citigroup Chief Executive Vikram Pandit and his deputies have instructed managers to slash
their budgets for employee compensation by at least 25 percent, the paper said citing the sources. The moves come as Pandit tries to stabilize the financial giant, which has reported net losses of more than $20 billion over the past year, the WSJ reported. Spokeswoman Christina Pretto said Citigroup continue Read more:Citigroup
, plans
Sumitomo Mitsui first-half profit plunges 51 pct 2008-11-14 05:27:33 Sumitomo Mitsui
Financial Group Inc. said first-half net profit
plunged 51 percent due to a spike in credit costs and other expenses against the backdrop of financial markets turmoil and a slowing global economy. he company, one of Japan's three "megabanks," said Friday that net profit for the April-September fiscal half fell to 83.28 billion yen ($853.5 million) from 170.59 billion yen a year ear Read more:plunges
RIM positive about BlackBerry in weak economy 2008-11-14 05:21:58 Research In Motion's co-CEO said Thursday that despite the tough economy
he does not expect businesses and consumers to abandon their BlackBerry
s. Jim Balsillie told investors at an RBC Capital Markets conference that this is most intensive economic period he has ever known."There are more variables, more need to navigate, more need for hands on the wheel and eyes on the road right now. If you don
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