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March 31, 2008
by Elaine Frei
Equities markets in the Asia Pacific region saw their biggest first quarter declines since 1992 on concerns that drops in US consumer spending will hurt exports in the region. Australia’s markets saw their largest quarterly decline since 1987 despite slight gains on the day, with the S&P/ASX200 adding 0.09 percent to 5,355.7 while the Sydney Ordinaries gained 0.16 percent to 5,409.7. ...
by Elaine Frei
Crude oil prices declined Monday, joining most other commodities in price drops as investors took profits on recent gains, as conditions calmed in Iraq, and on analyst opinion that US oil stockpiles grew last week.
May contracts for West Texas Intermediate crude were down $4.04 to close at $101.58 per barrel although it ended the first quarter with a gain of ...
by Peter Charalambous
The economic forecast for the next year has been cut by the Swiss government, as the US fallout driven by the housing recession and faltering export demand has damaged the growth prospects.
Aymo Brunetti, the state secretariat's chief economist said that the latest economic forecast is definitely more cautious, because ``exports have been the main driver of Swiss growth in ...
by Elaine Frei
The US dollar traded close to record lows versus the euro on Monday while the pound touched a new record low versus the shared currency during the session on reports that a regional manufacturing index was lower in March in the US and home prices in England and Wales were lower during the month.
At just past 11 a.m. in New York, the ...
by Kay Murchie
Japan has launched a $1 billion (£500 million) project to build its first ever home-grown passenger jet aircraft, a next-generation regional airliner that aims to meet growing demand for fuel efficient planes.
Mitsubishi Heavy Industries Ltd (MHI) said it had decided to proceed with the commercial development of the plane after landing its first order from Nippon Airlines for up ...
by Kay Murchie
Low-cost airline Ryanair has announced it is to shut its Dublin Telesales activity which will result in 40 job losses.
The airline said internet reservations had outperformed phone bookings so the operation had to close. However, it will still maintain its cheaper call centres in Romania and Germany.
Chief Executive Michael O'Leary said these kind of cost savings must be made if Ryanair is to ...
by Kay Murchie
Punch Taverns has withdrawn its offer to merge with pub operator Mitchells & Butlers (M&B) after it admitted that its offer was too generous and no longer in the best interests of its shareholders.
Punch Taverns, led by Giles Thorley, said it had withdrawn its merger offer to M&B placed 2 months ago. It consisted of a 50-50 merger plus ...
March 28, 2008
by Elaine Frei
Crude oil prices were lower Friday after the dollar strengthened versus the euro and as worries about Iraqi supplies faded.
May contracts for West Texas Intermediate crude was down $1.96 to $105.62 per barrel on the New York Mercantile Exchange while Brent crude for May delivery dropped $1.27 to $103.73 per barrel.
Nymex April gasoline was 3 cents lower to $2.72 per gallon ...
by Elaine Frei
Most Asia-Pacific region equities markets saw advances on Friday, led higher by reports of higher profits within the oil sector and on predictions that sales will rise from within the electronics sector. The main exception was Australia’s markets, which fell on declines among banks after one Australian bank hiked interest rates on its home loans. The Sydney Ordinaries fell 0.32 ...
by Elaine Frei
The pound was lower versus most major currencies on Friday as consumer confidence fell, on slow growth in the value of a home there, and on anticipation that thee Bank of England will cut interest rates soon.
Home values were up 1.1 percent in March from the same time last year, the slowest rate of growth in 12 years, while consumer sentiment ...
by Kay Murchie
Mapeley has confirmed it has ended takeover discussions with an un-named suitor, sending its shares plummeting 14.3%.
The UK property investment and outsourcing company had been in talks for over a month. After receiving a takeover approach at the end of February, the company appointed Lazard & Co.
The identity of the bidder was reported to be Mapeley's controlling shareholder Fortress Investment ...
by Kay Murchie
Family holiday camp Pontins has been bought for £46 million by Ocean Parcs - a team led by former Pontins chief executive Graham Parr and ex-Matalan finance director Ian Smith.
The new owners plan to re-vitalise the leisure brand by capturing the growing market for value and as an environmentally-friendly holiday destination.
Pontins was established in 1946 by Sir ...
by Kay Murchie
The chaos continues at newly opened Heathrow's Terminal 5 after its baggage system collapsed.
As a result, British Airways was forced to cancel 34 flights and thousands of passengers were left waiting for 3 hours for their luggage in the new £4.3 billion terminal.
Shortly after midday yesterday, BA had to suspend passenger check-in after 3 flights took off without ...
March 27, 2008
by Elaine Frei
The price of crude oil rose as high as $108.14 in New York on Thursday after an explosion and fire damaged an oil pipeline in Iraq.
Reports varied, with some saying that the blast was caused by a bomb and others calling the cause unknown, while some said damage from the blast had reduced exports from Basra while others said that exports were ...
by Elaine Frei
The US dollar gained on the euro Thursday on revised data showing that consumer spending was up in the fourth quarter by an annual 2.3 percent rather than the earlier estimate of 1.9 percent but some gains were lost after financial stocks fell on reduced earnings forecasts from analysts.
In early afternoon trade in New York the dollar traded at $1.5794 ...
by Kay Murchie
ClimateCare, a company which deals in carbon emission reductions, has been bought by US investment bank JP Morgan.
The companies will join forces in an acquisition to invest in quality, large-scale carbon emission reduction projects and to advance the development of a liquid financial market that trades in carbon emission reduction credits.
ClimateCare said we envisage the voluntary and compliance ...
by Kay Murchie
Kingfisher, the owner of DIY chain B&Q, has seen its profits fall 2.8% after revamping its stores and product range. Last year, B&Q revamped 60% of its product ranges and modernised the layout of half of its retail space.
Pre-tax profits were £386 million in the year to 2 February compared to £397 million the previous year.
However, the chain performed better ...
by Peter Charalambous
U.K. mortgage approvals fell by a third in February compared to last year figures due to a combination of the current credit crisis which has mean increased credit costs which have deterred buyers.
Furthermore banks and mortgage lenders have had to stiffen their regulations especially due to the consideration of the availability of credit and the huge write-downs ...
by Peter Charalambous
The attempts of the Chinese government to control inflation has prevented oil refineries and power generators to raise their prices and as a result Chinese industrial companies profits have risen at slowest pace in three years as their combined net income in January and February to 348.2 billion Yuan.
Income rose 16.5 percent in January and February, although this pales in ...
by Peter Charalambous
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