SHARM EL-SHEIK, Egypt -- A summit of the Non-Aligned Movement opened at this Egyptian Red Sea resort town Wednesday with a call from Cuban President Raul Castro for a new international financial system to shield developing nations from the global ...Read More
May 19 (Bloomberg) -- China and Brazil are researching howthe two nations can conduct trade in yuan and real, the latestsignal that developing nations are seeking to reduce theirreliance on a weakening U.S. dollar. “The discussions have focused on how to ...Read More
Vice President Joe Biden told the 2009 graduating class at Wake Forest University today that their generation enjoys greater opportunities to shape the future than any in modern history. Reeling off a litany of challenges facing the country, including a “global ...Read More
May 15 (Bloomberg) -- Panasonic Corp., the world’s largestmaker of plasma televisions, forecast a second annual loss asthe global slump drives down demand for consumer electronicsranging from flat-screen TVs to digital cameras. The net loss will be 195 billion yen ($2.04 ...Read More
May 14 (Bloomberg) -- Brazil’s retail sales rose less thanexpected in March as consumer reined in spending after LatinAmerica’s biggest economy had its sharpest economic contractionon record in the last quarter of 2008. Retail sales rose 1.8 percent in March from ...Read More
Netanyahu left Israeli soil for the first time this week since taking office Israeli Prime Minister Benjamin Netanyahu has travelled to neighbouring Jordan for talks with its ruler, King Abdullah, in the Red Sea resort Aqaba. The previously unannounced trip is ...Read More
May 13 (Bloomberg) -- Individual investors in Japanincreased bets to the highest in six months that the yen willweaken as the economy stabilizes, jumping back into a trade thatwas all but wiped out last year. Businessmen, housewives and pensioners held 153,326 ...Read More
Crude oil briefly topped $60 a barrel early Tuesday, riding an unexpected wave of enthusiasm for the fuel in the midst of global recession. Investors are pulling their money out of cash and putting it into hard assets such as crude ...Read More
May 12 (Bloomberg) -- Australia faces record budgetdeficits until 2016 as it embarks on the biggest buildingprogram in its history, spending on roads, rail lines andhigh-speed Internet to blunt fallout from the global recession. The government will boost spending on infrastructure ...Read More
Japanese companies unveiled a string of gloomy results today as major exporters continue to take a battering from the global recession. Hitachi confirmed it had suffered the worst loss ever for a Japanese manufacturer and warned of another difficult year ahead. The ...Read More
NEW YORK, May 11 (Reuters) - Pressure over Mexico'ssovereign ratings increased on Monday as Standard & Poor'ssignaled a possible downgrade later this year and a Moody'sanalyst said his agency could also act soon if the country isunable to contain growing ...Read More
May 11 (Bloomberg) -- European stocks, U.S. index futuresand commodities retreated on speculation that prices have risentoo fast as the global recession curbs earnings and Chinesedemand for raw materials. The Dow Jones Stoxx 600 Index of European stocks fell 1percent at ...Read More
May 11 (Bloomberg) -- The U.K.’s FTSE 100 Index declined asthe measure trades at the most expensive in five months relativeto earnings and lower metals prices weighed on raw-materialproducers. Lonmin Plc slumped 11 percent as the platinum producerannounced a share sale ...Read More
The global recession and tight credit conditions have cast a chill on the solar-power industry after years of breakneck growth, and could usher in long-term changes in the industry. Banks have curtailed financing for major solar projects, and Spain -- the ...Read More
DUBAI, May 10 (Reuters) - The International Monetary Fund slashed its 2009 growth forecast for Gulf states by more than half to 1.3 percent as it expected economies of three of the oil exporters, including Saudi Arabia, to shrink in ...Read More
Mr Buffett has not been helped by the global recession Celebrated US financier Warren Buffett has seen his investment firm report its first loss in eight years due to a badly-timed purchase of oil stocks. Berkshire Hathaway made a loss of ...Read More
May 7 (Bloomberg) -- Sotheby’s, the publicly traded auctionhouse, said its first-quarter loss widened after the globalrecession undermined demand for high-end works of art. The net loss was $34.5 million, or 53 cents a share,widening from $12.4 million, or 19 cents, ...Read More
May 6 (Bloomberg) -- Airbus SAS, the largest commercialaircraft maker, cut its delivery schedule for the A380superjumbo as airlines resist accepting large planes when demandfor flights is depressed by the global recession. Airbus plans to hand over 14 double-decker A380s this ...Read More
May 6 (Bloomberg) -- Lafarge SA’s debt-fueled expansion inthe Middle East helped the world’s biggest cement maker post asmaller-than-expected quarterly loss, while more European-focused rival Holcim SA had profit that fell short of estimates. Lafarge had a first-quarter net loss of ...Read More
May 4 (Bloomberg) -- U.S. stocks rose, erasing the Standard& Poor’s 500 Index’s 2009 loss, after home sales beat estimatesand manufacturing in China increased for the first time in ninemonths, boosting confidence the global recession is easing. Financial stocks rallied after ...Read More
A multi-millionnaire supermarket tycoon has won Panama's presidentialelections, in a rare right-wing election triumph for a region that hasbecome used to leftist leaders. Ricardo Martinelli's success as a business magnate persuaded voters that hewas the best person to help Panama survive ...Read More
