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UBS Embarks on Middle East Expansion

By Jennifer YousfiManaging Editor UBS AG (UBS) yesterday (Tuesday), announced it had obtained a license to operate in Saudi Arabia, joining a growing number of financial firms looking to recoup some of the over $400 billion in global write-downs to date by tapping into the oil-fueled wealth creation occurring in the Middle East.  "With over […]

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CNOOC Taps Overseas Markets with Awilco Takeover

By Jason Simpkins Associate Editor After a disappointing string of failed takeovers, CNOOC Ltd. (ADR: CEO) has reignited its foreign expansion initiative with a $2.49 billion buyout of Norway's Awilco Offshore ASA. China Oilfield Services Ltd., a unit of China's top offshore oil and gas producer will pay $16.66 (85 kroner) a share, an 18.7% […]

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General Motors Pondering Thousands of Job Cuts and Selling Brands, Sources Say

By Mike CaggesoAssociate Editor Embattled carmaker General Motors Corp. (GM) is planning thousands of additional white-collar job cuts and mulling over the sale off some of its brands, sources told the Wall Street Journal. The strategic shifts are part of General Motors' plan to return to profitability by 2010, a goal that will require a […]

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Economy Enters Dangerous Waters as Job Losses Mount in June

By Jason Simpkins Associate Editor Payrolls tumbled for the sixth consecutive month in June, bringing the total number of job losses in the first half of the year to 438,000. Such a steep drop in employment could easily cause consumer spending to falter in the months ahead and drag the economy into a recession. After […]

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Sources: GM May Accelerate Subcompact Sales in U.S.

By Mike Caggeso Associate Editor Plagued by plummeting U.S. sales and $4-a-gallon gasoline, General Motors Corp. (GM) may sell its four-foot-tall Chevrolet Beat in U.S. markets, sources told Bloomberg News.  The subcompact three-door hatchback was unveiled at last year's New York International Car Show, though GM said it would be produced overseas and wouldn't immediately […]

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Growing Brand Awareness of China Consumers Equals Profit

By Jennifer YousfiManaging Editor China's emerging middle class is chasing after the global consumer dream: name brand products. And the companies that make those products are profiting from China's growing desire for genuine merchandise rather than cheap knock-offs to grow their brands throughout the Asian nation. One such company is sports apparel maker Adidas AG […]

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Surging Demand, Weak Supply, and Dwindling Inventories, Drive Oil to Another Record High

By Jason SimpkinsAssociate Editor Crude futures closed at yet another record high yesterday (Wednesday) after government data showed a decline in crude inventories. The news followed a separate report from the International Energy Agency that said oil supplies would remain tight through 2013. The U.S. Energy Department yesterday reported a decline of 2 million barrels […]

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European Banks Boosted by More Positive Outlook

By Jennifer YousfiManaging Editor After the global financial industry shed $403 billion in write-downs, European banks are finally turning a corner and boosting their share prices. German giant Deustche Bank AG (DB) and Switzerland's UBS AG (UBS) both declared they would not need to raise further capital yesterday (Wednesday) as the bulk of losses tied […]

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CIT Group Exits Home Mortgage Market with $1.8 Billion in Deals

By Jennifer YousfiManaging Editor After posting four consecutive quarterly losses, CIT Group Inc. (CIT) took a step in the right direction yesterday (Tuesday), announcing it struck $1.8 billion in separate deals with Lone Star Funds and a subsidiary of Warren Buffet's Berkshire Hathaway Inc. (BRK.A, BRK.B). Dallas, Tex.-based Lone Star will acquire CIT's home lending […]

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Iraq Looks to Rebuild Once Prominent Energy Sector by Opening its Doors to Foreign Oil Majors

By Jason SimpkinsAssociate Editor Iraq has officially opened the door for foreign oil companies to invest in the country's rich energy sector for the first time in more than 30 years. Thirty-five foreign oil majors have been invited to bid for contracts to provide technical support and help boost production in eight oil and natural […]

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