From Staff Reports In a report from the Associated Press it was revealed that The strike against automaker General Motors Corp. (GM) could do significant damage to the economy, if the two sides can't settle the standoff by the end of the week, The Associated Press reported yesterday (Tuesday). If the two parties settle the […]
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High Debt Levels Leave Aussie Households 'Exposed,' Australian Reserve Bank Says
From Staff Reports Australia's ongoing economic boom – fueled by the continued growth in the Asia-Pacific Region – has left Aussie families less leery of debt, and more vulnerable to an economic shock or recession, Reserve Bank Deputy Governor Ric Battellino stated at a convention in Melbourne yesterday. At a convention organized by the 'Melbourne […]
Mexico, Colombia Both Hold the Line on Interest Rates
From Staff Reports Mexico's central bank on Friday kept its benchmark interest rate unchanged at 7.25% for a fifth-straight month – but signaled that it is prepared to raise borrowing costs if food and energy costs don't drop back. Colombia's central bank on Friday held its benchmark overnight interbank rate unchanged at 9.25% for a […]
China Covets Crude
By Jason Simpkins Staff Writer China's top oil producer, PetroChina Co. Ltd. (PTR), has raised its production estimate for the Jidong Nanpu oil field. The field is located in the Bonhai Bay area and is one of China's biggest discoveries in recent history. "We estimate that, eventually, we could have proven reserves of as much […]
Dutch Saudi Joint Project Soon to be the Largest U.S. Oil Refinery
From Staff Reports Royal Dutch Shell PLC (RDS.A RDS.B) and Saudi Arabia's Saudi Aramco have announced the $7 billion expansion of a refinery in Port Arthur, Tex., which will make it the largest facility in the United States, according to Forbes.com. The refinery's output will be beefed up from 275,000 barrels of crude per day […]
Texas Instruments Raises Buyback, Increases Dividend
From Staff Reports Texas Instruments Inc. (TXN), the world's biggest maker of mobile-phone chips, last week boosted its existing share buyback plan by $5 billion and also increased its dividend for the second time this year. The objective: To raise investor confidence after two quarters of to reassure investors after two quarters of declining profit. […]
Stocks Soar Friday on Earnings, Buyback News
From Staff Reports Indexes gained Friday amid encouraging earnings news from Oracle and a big buyback from Texas Instruments U.S. stocks rose Friday, capping off a big week in which the U.S. Federal Reserve cut short-term interest rates to stave off a recession. Stronger-than-expected earnings from Oracle (ORCL) and a big share buyback from Texas […]
Google to Hit $600 a share? Looks That Way, Media Writer Says
From Staff Reports Google Inc. (GOOG) at $600 a share? Media analyst and columnist Paul R. La Monica says it’s more than just possible – it’s probable. The shares of the search-engine gorilla dipped below the $500 level in mid-August after the company missed its second-quarter earnings numbers in July. Then there’s the credit crunch, […]
Posco Gears Up to Build India’s Biggest Blast Furnace
By Jason Simpkins Staff Writer Korea’s Posco Ltd., Asia’s third-largest steelmaker, has landed a $350 million contract to build the biggest blast furnace in India, Bloomberg News said Wednesday. The furnace, a key part of the steel-making process, is for the Steel Authority of India Ltd., which is 85.84% state owned. It makes 14 million […]
Central Asian Nations Band Together to Build A Modern Day Silk Road
From Staff Reports Seven countries are working together to build a modern day ‘Silk Road’ that will run through Asia to the Middle East and Europe. The Financial Times reported that the parties involved are in the early stages of planning the $19 billion project. The plan is expected to receive formal endorsement in November. […]