BREAKING: Italy, Spain Downgraded by DBRS
August 08 2012 12:33 PM
Toronto-based credit rating agency DBRS, Inc. announced today it is downgrading the sovereign credit ratings of the Kingdom of Spain and the Republic of Italy from their current "A (high)" ratings. The rating agency gave Spain's long-term rating a two-notch downgrade to "A (low)." Italy was taken down one notch to "A."
HP Boosts Earnings Estimates After Firings Start
August 08 2012 10:51 AM
Hewlett-Packard Co. (NYSE: HPQ), the No. 1 computer maker, raised its estimates for third-quarter earnings to $1 a share from 94 cents apparently because of higher demand as well as the initial impact of firing 27,000 employees to shave costs.
Chinese In Uganda: Exploiters Or Economic Partners?
August 08 2012 9:43 AM
China has become Uganda’s number one trade partner, replacing Britain.
Zambian Miners Kill Chinese Manager In Riot
August 05 2012 5:38 PM
Coal miners in Zambia killed one Chinese manager and injured another during a riot Saturday. The miners were on strike at the Chinese-owned Collum coal mine in Sinazongwe in protest of delays in raising the minimum wage.
The Dangerous Roads Of Morocco: Traffic Fatalities Very High In North African State
August 02 2012 10:40 AM
About 4,200 people died in traffic accidents in Morocco in 2011, a 12 percent jump from the prior year, according the nation?s equipment and transportation ministry.
Global Manufacturing Slumps On Lingering Euro Zone Debt Crisis
August 01 2012 2:37 PM
Euro zone Purchasing Managers Index (PMI) numbers continued their 11-month straight contraction, with manufacturing in Italy, Spain and Greece continuing their alarming downward trends.
Despite Oil Reserves And Billions In International Aid, Iraq's Economy Falters
August 01 2012 11:36 AM
The financial situation in Iraq, one of the world's largest reservoirs of crude oil, has become grave.
Indian PM Sets Up Panel To Clarify Taxation Of Development Centers And The IT Sector
July 30 2012 6:05 AM
In a bid to further clarify the confusions related to Indian taxation policies Indian Prime Minister Manmohan Singh has setup a review committee to examine taxation of Development Centres and the IT Sector.
South Africa: Former President De Klerk Blasts ANC For Using Race Card To Explain Social Inequalities
July 27 2012 6:01 AM
De Klerk reserved particular venom for current ANC leader, President Jacob Zuma, who spoke of the “white control” of South Africa’s economy during a June policy speech.
Dr. Doom 2013 Prediction: Roubini Says Worse Global Economic Turmoil Approaching; Five Factors To Blame
July 24 2012 1:31 AM
For the last three years, the consensus has been that a robust and self-sustaining recovery for the U.S. economy is on the cards, but economist Nouriel Roubini, dubbed Dr. Doom, thinks that it's not likely to happen, rather he expects below trend growth for many years to come.
Indian Rupee, Stocks Slip Weighed Down By Euro Zone Woes
July 23 2012 4:23 AM
The Indian rupee touched 55.84 against the dollar Monday, its lowest mark in a week in morning trade, weighed down by heavy demand for the dollar by petroleum companies.
Indian Economy to Grow at Slowest Pace in 10 Years: Poll
July 19 2012 8:42 AM
India's economy will grow at its slowest pace in a decade this fiscal year, with tight monetary policy, political gridlock and a weakening global economy prompting analysts to slash their forecasts, a Reuters poll showed on Thursday.
US Can Defeat Any Iranian Effort To Block Persian Gulf Oil: US DOD's Panetta
July 18 2012 1:32 PM
The United States has the military capacity to defeat any Iranian attempt to shut down sea commerce in the oil-rich Gulf region and will hold Tehran directly responsible for shipping disruptions, Defense Secretary Leon Panetta said on Wednesday.
Fed Ready To Do More To Increase Job Growth: Bernanke
July 17 2012 10:52 AM
The head of the world's most powerful central bank said it stands ready to offer additional monetary support to a U.S. economy that has slowed significantly in recent months, U.S. Federal Reserve Chairman Ben Bernanke told lawmakers on Tuesday.
Pimco's Bill Gross Says US Is Nearing A Recession
July 17 2012 9:02 AM
Bill Gross, who heads the world's largest bond fund, Pimco, said the United States is approaching a recession, according to a published report Tuesday.
Former Morgan Stanley Strategist Barton Biggs Dies At 79
July 16 2012 9:18 AM
Former Morgan Stanley global market strategist Barton Biggs died on Sunday, according to an internal firm memo, The Wall Street Journal reported Monday.
China's Economic Growth Slowest in 3 Years
July 13 2012 7:09 AM
China's growth rate slowed for a sixth successive quarter to its slackest pace in more than three years, highlighting the need for more policy vigilance from Beijing even as signs emerge that action taken so far is beginning to stabilise the economy.
TCS Net Profit Beats Expectations, Outdoes Infosys Results
July 13 2012 4:48 AM
Tata Consultancy Services (TCS), India's top IT exporter, exceeded the market expectations in the First quarter of the Financial year 2012, by posting strong earnings and affirmed its position as the bellwether of India's IT industry.
India's Growth Downgraded; ADB Forecasts 6.5 Percent
July 13 2012 4:23 AM
The Asian Development Bank (ADB) cut its growth forecasts for developing Asia on Thursday, saying financial and economic problems in Europe and the United States had cut demand for exports, although Southeast Asia remained a bright spot. China's economy was expected to grow 8.2 percent this year and India's 6.5 percent, Kuroda said.
India's Industrial Output in May Up by 2.4 Percent
July 13 2012 3:53 AM
India's industrial output picked up more than expected in May, bolstering the case for the Reserve Bank of India (RBI) to keep interest rates high at its next policy meeting as a slow start to the monsoon puts pressure on inflation, especially food prices.