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January 30, 2009
by Elaine Frei
Crude oil prices saw slight gains Friday on a new report from the Commerce Department showing that the US economy contracted by 3.8 percent in the fourth quarter of 2008 and on speculation that the Organization of Petroleum Exporting Countries could add more production cuts to those already announced.
The gains were tempered by demand that continues to decline and numbers showing ...
by Elaine Frei
The US dollar and the Japanese yen both made gains against the euro on Friday after the shared currency was hurt by new data showing that Eurozone inflation was up just 1.1 percent in January, while at the same time the region’s unemployment rate rose to 8 percent.
Gains for the US dollar came even though the Commerce Department said that the ...
January 29, 2009
by Elaine Frei
Crude oil prices were mixed Thursday after more announcements of layoffs from several US companies, on reports that new home sales and durable goods orders were both down in December, and on new numbers from the Labor Department that show unemployment in the US continuing to rise.
March contracts for West Texas Intermediate crude were down 72 cents to $41.44 per barrel on ...
by Elaine Frei
European equities markets were lower Thursday as the banking sector turned from gains to losses, while miners were the best gainers on both the FTSE 100 and FTSE 250 in London even though the mining sector was mostly lower on the session.
The 100 was down 2.45 percent to 4,190.11 while the 250 dropped 2.35 percent to 6,272.61.
Xstrata (LSE: XTA) ...
by Elaine Frei
The US dollar declined in relation to the Japanese yen Thursday on separate government reports showing that the number of Americans receiving unemployment benefits went up again and that US durable goods orders dropped in December.
At around 11 a.m. in New York, the yen was trading at ¥89.895 to the US dollar while it was at ¥117.5405 to the euro and the greenback ...
by Kay Murchie
The International Air Transport Association (IATA) is warning that 2009 is set to be one of the most difficult years for the airline industry.
The association is forecasting a global fall in passenger traffic of 3% and a fall in air cargo of 5% for the year ahead.
In 2008, passenger traffic increased by just 1.6%, compared to a rise of 7.4% the ...
by Kay Murchie
Oil giant Royal Dutch Shell has announced a sharp fall in quarterly profits as the price of oil fell significantly towards the end of the year.
Profit for the fourth quarter fell to $4.8 billion (£3.4 billion), a fall of 28% compared with the same period in 2007 and 56% lower than the previous quarter.
However, despite the fall, ...
January 28, 2009
by Elaine Frei
Crude oil prices were higher Wednesday after the US Energy Information Administration issued its weekly inventories report, which showed that crude oil stockpiles were up but that gasoline and distillates inventories dropped last week, but prices fell off session highs reached immediately after the Federal Reserve said it will hold interest rates at current levels for now.
Just before the close of ...
by Kay Murchie
Supermarket giant Asda has brought some good news to the retail sector announcing it is to create 7,000 jobs this year.
The group said approximately 3,700 of the new jobs will be created as a result of the opening of 14 new stores and 15 existing sites extended.
The group, which is part of US retailing giant Wal-Mart, said a further ...
by Elaine Frei
Banks were in focus again Wednesday as European equities markets were significantly higher on the session.
The FTSE 100 added 2.4 percent to 4,295.2 and the FTSE 250 jumped 2.64 percent to 6,423.76 in London, while elsewhere in the sector the FTSE Eurofirst 300 was up 3.15 percent to 810.38, the CAC-40 was 4.11 percent higher to 3,076.01 in Paris, the IBEX added 4.22 ...
by Elaine Frei
The pound saw gains Tuesday as banks saw gains in equities markets and after Citigroup (NYSE: C) raised its recommendation on Lloyds Bank (LSE: LLOY) from “hold” to “buy”, as well as on continuing better sentiment from an earlier announcement from Barclays Bank (LSE: BARC; NYSE: BCS; TYO: 8642) that it will not need to raise more capital.
However, the pound gave back some ...
by Kay Murchie
Internet group Yahoo has announced a loss for the final quarter of 2008 as sales of online ads were hit by the global economic downturn.
The company, which is based in Sunnyvale, California, reported a loss of $303 million (£215 million) compared with a profit of $205 million a year ago.
However, analysts said the loss was hit by $600 million of ...
by Kay Murchie
As recession bites and fears grow over job security, US consumer confidence has plummeted to a record low in January.
According to the Conference Board’s monthly consumer index, confidence fell to 37.7, from a revised 38.6 in December, below analysts' expectations of 39.
The figure is the lowest since the New York-based group started monitoring consumer sentiment over 40 years ago.
The survey ...
by Kay Murchie
Engineering group GKN, which has a UK workforce of 6,500, has warned it may axe more jobs as a result of the slump in the car industry.
Since October, it has eliminated 1,400 positions from its automotive division. The firm supplies companies such as Jaguar Land Rover and Ford who are struggling as consumers cut back amid the economic downturn.
According to ...
January 27, 2009
by Elaine Frei
Crude oil prices fell Tuesday on news from the Labor Department that unemployment rates rose in all 50 US states and in the District of Columbia in December as well as on separate reports showing consumer confidence and house prices are both down again in the US.
March contracts for West Texas Intermediate crude dropped $4.06 to $41.67 per barrel ...
January 26, 2009
by Elaine Frei
Prices for crude oil fell Monday after a day of volatile trade that saw prices go up as equities markets saw gains in Europe and in early US trade but there was worry that demand losses could amount to more than recent production cuts by OPEC.
March contracts for West Texas Intermediate crude dropped 74 cents to $45.73 per barrel ...
by Elaine Frei
European equities markets made gains Monday after Barclays Bank (LSE: BARC; NYSE: BCS; TYO: 8642) said it will not need to raise more capital, as it will be able to absorb 2008’s writedowns with plenty of capital to spare.
In London, the FTSE 100 added 3.86 percent to 4,209.01 while the FTSE 250 gained 2.76 percent to 783.09.
Barclays Bank ...
by Kay Murchie
Pfizer, the world's biggest drugs firm, is to buy rival Wyeth in a deal worth $68 billion (£50 billion).
Pfizer which produces Viagra, is to buy Wyeth in a cash-and-stock deal valued at $50.19 a share. The deal will help Pfizer diversify its product portfolio, due to Wyeth's presence in biotech drugs and vaccines.
The new combined group ...
by Elaine Frei
The US dollar and the Japanese yen declined and the pound saw gains Monday after the euro was helped by an announcement from Barclays Bank (LSE: BARC; NYSE: BCS; TYO: 8642) that it will not need to raise more capital due to revenue raised in its US unit by its acquisitions from the bankrupt Lehman Brothers Holdings in 2008.
The news hurt the ...
by Kay Murchie
High Street footwear retailers Barratts Shoes and Priceless Shoes have called in the administrators in a bid to save them from collapse.
Shares in Bradford-based firm Stylo, owners of the chains, saw its shares suspended this morning because of the uncertainty surrounding its financial health.
Last February, Stylo acquired Dolcis, the shoe retailer, after it went into administration. It has ...
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