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Faced with Skyrocketing Iron Ore Costs, China’s Baosteel Rolls Two Rivals into a Joint Venture

By Mike Caggeso Associate Editor Baosteel Group Corp., China's largest steel producer, will pay $4.2 billion in cash for an 80% stake in a new Guangzhou-based steel mill that will merge two rivals, Shaoguan Iron & Steel Group and Guangzhou Iron & Steel Group. China is already the world's top steel consumer and producer, churning […]

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Moody's Joins Other Rating Agencies in Downgrade of Ambac, MBIA

By Jennifer Yousfi Managing Editor Moody's Investors Service on Friday downgraded the debt rating of key bond insurers MBIA Inc. (MBI) and Ambac Financial Group Inc. (ABK), increasing expectations that more write-downs are in the offing for the U.S. financial-services sector, which has already written off nearly $400 billion in losses. Moody's Investors Service, subsidiary […]

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Mexico Joins the Global Battle Against Inflation with Surprise Rate Cut

By Jason SimpkinsAssociate Editor Mexico's central bank unexpectedly raised its benchmark interest rate by a quarter percentage point to 7.75% Friday, warning that the rate of inflation may exceed its previous forecast. "The recent inflation dynamic is worrying," Banco de Mexico's five-member board said in a statement. "The balance of risks for inflation has worsened." […]

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Barclays Gets a $927 Million Jump Start as Japanese Banks Ramp Up Overseas Investment

By Jason SimpkinsAssociate Editor Barclays PLC (ADR: BCS), the United Kingdom's fourth-largest bank, may get a $927 million cash infusion from Japan's Sumitomo Mitsui Financial Group Inc. by the end of the month. The investment, which will be made through the group's Sumitomo Mitsui Banking Corp. unit, underscores an evolving trend among large Japanese banks […]

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Reports: Yahoo Shedding Executives, Overhauling Products

By Mike Caggeso Associate Editor After months of tumultuous shareholder temperament, Yahoo! Inc. (YHOO) is giving its board and product line a makeover to convince traders of its value after turning down Microsoft Corp's (MSFT) $47.5 billion offer, according to reports. President Susan Decker is pushing a plan to roll several product groups under one […]

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Financial Fears Sweep the Globe After RBS Predicts Worldwide Stock-Market Crash

By William Patalon IIIExecutive EditorMoney Morning/The Money Map Report As rocky as the global markets have been, the worst is yet to come, the Royal Bank of Scotland Group PLC (ADR: RBS) warns. RBS analysts have warned clients to brace for a full-blown crash in the global stock-and-bond markets over the next three months as […]

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Oil Drops as China Ratchets Up Fuel Costs

By Jennifer YousfiManaging Editor Oil futures fell yesterday (Thursday) on news that China plans to sharply reduce fuel subsidies starting today, which is expected to have an effect on demand. "The announcement of the Chinese fuel price increase sent the market sharply lower," Michael Fitzpatrick, vice president for energy risk management at MF Global Ltd. […]

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Can Inflation Save Canada From Recession?

By Mike Caggeso Associate Editor Canada's consumer price inflation rose 2.2% year-over-year in May, edging ahead as the Bank of Canada signaled it would last week. The spike suggests Canada's economy of is also sputtering alongside that of the United States, but soaring commodities costs just may help our northern neighbor skirt recession.  Inflation is […]

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Corn Prices Linger at Record Highs but Wheat and Rice Wear Thin

By Jason SimpkinsAssociate Editor Flooding in the Midwest has devastated much of the region's corn crop, and caused prices to skyrocket. However, major rice and wheat producers are expected to have bumper crops this year, offering some hope that food prices could soon recede. The price of corn for July delivery jumped Monday to an […]

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Boeing’s Air Force Petition Sustained, Back in Running for $35 Billion Contract

By Mike Caggeso Associate Editor The Government Accountability Office backed The Boeing Co.'s (BA) petition that the U.S. Air Force altered the auction for a $35 billion aerial-tanker contract – a bid that went to rivals Northrop Grumman Corp. (NOC), and in turn, helped push Boeing's stock down more than 11%. Boeing filed the complaint […]

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