The unexpected move by the US FED last week of increasing the discount rate has taken the market by surprise. The unexpected move in fact pulled down the entire global market for few days but later on the world seems to be realizing that the move is rather a positive indication.
The move is an indication [...]
The price of oil has risen sharply as the dollar, the currency in which the commodity is priced, weakened against the pound and the euro.
US light crude rose $3.06 to $77.19 a barrel at one point on Tuesday, its biggest daily rise in more than four months. It finished the day at $77.01.
Meanwhile, London Brent [...]
The Indian economy saw a massive 20 billion dollars foreign fund flow in 2009 due to continuing economic growth. But in the last two months the inflation has been haunting the country and as per government estimates the January 2010 inflation at over 8.5%.
The continuing problem across Europe coupled with weak Japanese recovery is forcing [...]
The Chinese government does not want to take any chances regarding the asset bubble burst, and hence it has decided to hike up the bank reserve ratio by a massive 50 basis points last week. The spike up is expected to raise the bank interest rates immediately. That in turn could push out many [...]
The UK economy is facing more redundancies, with substantial cuts expected in the public sector, a report has said.
Almost one in three public sector employers plan to shed jobs this quarter, the Chartered Institute of Personnel and Development (CIPD) said.
Its latest quarterly survey found that the jobs outlook had worsened despite the UK emerging from [...]
Liberia has launched a corporate responsibility forum to help rebuild the war-shattered nation.
The public private partnership said “sustainable and responsible business practices” should aid development.
“We want to rebuild the entrepreneurial class in the country,” Joseph Mathews, chief of ArcelorMittal Liberia, told BBC News in an exclusive interview.
The steel giant is investing $1.5bn (£1bn) in the [...]
President Barack Obama has signed a law increasing the limit on how much the US government can borrow.
The debt limit was raised to $14.3 trillion (£9.1tn) from $12.4tn, and will allow the government to function for the rest of the year.
Mr Obama also approved legislation that requires new spending to be offset with cuts elsewhere.
He [...]
A new US assessment of Venezuela’s oil reserves could give the country double the supplies of Saudi Arabia.
Scientists working for the US Geological Survey say Venezuela’s Orinoco belt region holds twice as much petroleum as previously thought.
The geologists estimate the area could yield more than 500bn barrels of crude oil.
This assessment is far more optimistic [...]
US stock markets have tumbled for a second consecutive day, on concern over President Obama’s plan to revamp the US banking industry.
The Dow Jones plunged by 216 points, or 2%, to close at 10172.98, while the technology heavy Nasdaq fell by 2.6%, or 60 points, to finish at 2205.29.
The broader S&P 500 Index also sank [...]
The International Monetary Fund head has warned that the global economy could experience another downturn - a so-called double dip recession.
Dominique Strauss-Kahn said countries should not exit from stimulus packages that have bolstered growth through huge amounts of government spending.
“We have to very cautious because this recovery remains very fragile,” Mr Strauss-Kahn said.
Separately, Germany and [...]
