From Staff Reports Think inflation is through the roof in the United States? Let’s be thankful we’re not in Zimbabwe, where the world’s leading annual inflation rate rose to 7,635% in July. Two months earlier, the inflation rate was “only” 4,530% Its astronomical inflation numbers are due to a combination of food, gas and foreign […]
Category
Top News
BHP Earnings Soar 28.4 Percent
From Staff Reports The Anglo-Australian BHP Billiton Ltd. (NYSE:BHP), the world’s largest mining company, reported its fiscal 2007 net profit was $13.42 billion, a 28.4% gain from the $10.45 billion it posted last year Higher commodity prices and the emerging economies in Europe and Asia added $7.1 billion to the bottom line, as did the […]
Lehman Shutters BNC Mortgage Unit, Cuts 1,200 jobs
From Staff Reports Lehman Brothers Holdings Inc. (NYSE: LEH) yesterday (Wednesday) announced that it is shutting down its subprime-mortgage unit, BNC Mortgage LLC, becoming the latest company to stop offering home loans to borrowers with risky credit ratings. The move will result in 1,200 employees being fired. BNC was a top-20 subprime mortgage lender in […]
ECB Still Will Boost Rates in September
From Staff Reports The European Central Bank indicated it may still raise interest rates in September and announced another three month loan – this one $54 billion – to ease lending between commercial banks during the ongoing credit crunch, Bloomberg News reported. The ECB has injected emergency funds into the global financial system over the […]
China's Crude Oil Imports Surge to Record High
By Jason Simpkins China’s crude oil imports climbed 39% to a record high last month, and Saudi Arabia was the nation’s largest supplier. China’s oil imports have more than tripled in the last five years, and that amount is only going to increase as the world’s second-largest energy consumer tries to keep pace with its growing […]
Turkish Retailer Up for Bid
From Staff Reports Carrefour SA, Europe’s largest retailer, and its Turkish partner, Sabanci Holding AS, may make a bid for Turkey’s largest supermarket chain, Migros Turk TAS. The sale process won’t begin until September, Sabanci CEO Ahmet Dorduncu said to reporters in Istanbul. Migros Turk controls a 20% share of Turkey’s $16 billion supermarket industry. […]
China's Mobile Phone Competition Will Escalate as Business Grows
By Mike Caggeso China Mobile Ltd. (NYSE: CHL), the world’s largest cell phone provider, continues to pummel its competition. Last week, the company posted a stronger-than-expected 25% increase in first-half profits, which rose from $3.87 billion to $4.85 billion. And yesterday (Tuesday), China Mobile announced it added a record 5.6 million customers in July, up […]
China Moves to Enable Individuals to Buy Hong Kong Shares
From Staff Reports Beijing's decision to allow individual mainland investors to trade directly in Hong Kong-listed shares could funnel tens of billions of dollars into the Hong Kong market over the next year and could help fuel an ongoing bull market in stocks, experts say. Deutsche Bank AG (NYSE: DB) estimates the Monday policy shift, […]
Wm Wrigley Capitalizing on Innovation, Global Reach
From Staff Reports Brokerage Bear Stearns Cos. (NYSE: BSC) yesterday (Tuesday) upgraded gum-and-candy maker Wm Wrigley Jr. Co. (NYSE: WWY) to “peer perform” from “underperform,” citing Wrigley’s better-than-expected competitive response to a competitive threat from rival Cadbury Schweppes (NYSE: CSG), as well as ongoing momentum in the developing markets and continued success with new products. […]
U.S. Foreclosures Soar 93 Percent
From Staff Reports The number of U.S. foreclosure filings reported for July were up 93% over the same month last year, the latest sign that homeowners are having trouble making mortgage payments or selling their homes during this national housing downturn. Foreclosure reports were up only 9% from June, The Associated Press reported. This is […]