Gold rose on Friday, aided by firm stocks and a strike at a gold mine, as speeches by U.S. President George W. Bush and Federal Reserve Chairman Ben Bernanke calmed financial markets ahead of the three-day U.S. Labor Day holiday weekend.
The Federal Reserve on Friday reassured investors it would take any steps needed to shelter the U.S. economy from a global credit squeeze, while President George W. Bush promised to help struggling homeowners refinance their mortgages. Chairman Ben Bernanke also said the central bank would not bail out investors who had made mistakes.
Oil rose on Friday as investors kept watch on a gathering storm in the Atlantic Ocean that renewed concern of possible damage to offshore oil rigs this hurricane season.
U.S. regulators said on Thursday they had proposed penalizing three wireless carriers which the government says failed to meet new stricter standards for being able to locate cellular telephone callers in an emergency.
NXP will start shipping its single-chip solution for ultra-low-cost phones to Samsung from the fourth quarter of this year, Chief Executive Frans van Houten told Reuters on Friday.
A group of state attorneys general said on Thursday that the consent decree that settled the landmark antitrust case against Microsoft Corp has failed to reduce the company's monopoly, disagreeing with the assessment of U.S. antitrust officials.
Google Inc is giving more credit to the original reporting of news agencies like the Associated Press while setting the stage to generate advertising revenue from Google News, the company said on Friday.
L'Oreal said on Friday it was confident on the outlook for 2007, despite signs of a slowdown in the United States, thanks to booming demand in new markets and the launch of new brands like Sanoflore and Diesel.
Publisher McGraw-Hill Cos Inc is replacing the president of Standard & Poor's, the company's financial services division, effective immediately, amid questions about the role of credit-rating agencies in the subprime mortgage crisis.
Shareholders of Monster Worldwide Inc may have to brace for further losses if the U.S. housing slump and credit market turmoil hurt U.S. economic growth and jobs in coming months.
President George W. Bush on Friday tried to calm financial market turmoil from the credit crisis by announcing proposals intended to prevent homeowners from defaulting on risky mortgages. In trying to soothe those worries, Bush said the U.S. economy was healthy enough to weather the credit crisis and that the subprime market problems represented only a modest part of the economy.
Prepared text of Federal Reserve Chairman Ben Bernanke's speech at Kansas City's Economic Symposium, Jackson Hole, Wyo.
The shorter Sept. visit to the Asia-Pacific economic summit is seen as neglecting Asia's concerns. An Iraq military report and 9/11 commemorations loom.
Core U.S. consumer prices rose by a less-than-expected 0.1 percent in July, showing stable prices that held the year-on-year rate of nonfood, nonenergy inflation to 1.9 percent for the second month in a row, the Commerce Department said on Friday.
The Indian government said on Thursday it had decided to form a panel to study a controversial nuclear deal with the United States, taking into account objections from communist parties who shore up the coalition.
The Nikkei rose 2.6 percent on Friday as news that President George W. Bush will outline reforms to help homeowners with subprime mortgages sparked broad-based buying, and Dell Inc's earnings lifted high-tech stocks.
U.S. stock index futures pointed to a firmer opening on Friday, with all eyes on speeches by Federal Reserve Chairman Ben Bernanke and President George W. Bush, both expected by analysts to touch on the U.S. subprime crisis.
World stocks surged on Friday on hopes the U.S. government and central bank will act to alleviate a crisis in subprime, or poor credit quality, U.S. mortgages and ease a global bank lending squeeze the problem has triggered.
China has found microscopic worms in wooden packaging from the United States and uncovered substandard U.S. vitamin pills and fish oil for children, Chinese media said on Friday in the latest volley of cross-border accusations.
U.S. President George W. Bush will outline reforms on Friday to help struggling subprime mortgage borrowers and his central bank chief will deliver a speech which will be pored over for hints of a looming rate cut.
President George W. Bush will propose reforms on Friday intended to help homeowners with subprime mortgages avoid default, his first public step to address a crisis that has created turmoil in financial markets around the world.
U.S. stocks fell on Thursday on mounting concerns that credit market upheaval will erode bank profits and hold back consumer spending, but optimism about corporate investment helped lift technology shares.
