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Stocks rise on the promise of more cheap money

Federal Reserve Chairman Ben Bernanke reassured lawmakers interest rates will remain low, driving stocks higher on Wednesday as investors welcomed the promise of more cheap money.

New home sales hit record low, prices tumble

Sales of new homes unexpectedly fell to a record low in January while demand for loans to buy homes hit a 13-year low last week, fanning fears of renewed weakness in the housing market.

Obama rejects criticism of agenda as socialism

President Barack Obama launched a vigorous defense of his economic agenda on Wednesday, rejecting critics who say it amounts to socialism and insisting his policies would boost U.S. competitiveness.

A tale of two Das: Citi CEO, academic and mortgages

Sanjiv Ranjan Das, a professor at California's Santa Clara University, last fall attacked the problem of underwater mortgages often cited as an Achilles' heel to the U.S. housing market.

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FOREX-Dollar falls vs euro, yen after Bernanke testimony

The U.S. dollar fell versus the euro and yen on Wednesday after comments by U.S. Federal Reserve chairman Ben Bernanke dampened speculation monetary policy tightening might be nearing. An unexpected plunge in new U.S. home sales last month further dampened investor sentiment and reinforced the low rates outlook. Analysts said the housing figures, combined with a drop in a consumer confidence reading on Tuesday, underscore the fragility of economic recovery.

Swiss suggest fix to UBS tax headache in U.S.

Switzerland will ask parliament to turn a deal with Washington that got bank UBS off the hook in a tax evasion case into binding law, plugging a legal hole that is stopping Berne from honoring the agreement.

Losing Google would hit Chinese science hard

More than three-quarters of scientists in China use the search engine Google as a primary research tool and say their work would be significantly hampered if they were to lose it, a survey showed on Wednesday.

Wall St lifted by Bernanke pledge of low rates

U.S. stocks advanced on Wednesday after Federal Reserve Chairman Ben Bernanke reaffirmed his commitment to keep interest rates low for an extended period to sustain the still fragile recovery.

Bernanke says rates to stay low for a long time

Federal Reserve Chairman Ben Bernanke told Congress on Wednesday a weak job market and tame inflation warrant low interest rates for an extended period, dampening speculation a policy tightening might be nearing.

Geithner repeats call for financial reform bill

Treasury Secretary Timothy Geithner on Wednesday repeated his call for Congress to pass financial reform legislation that curbs risk-taking by big financial firms and ensures they can absorb their own losses.

New home sales drop to record low in January

Sales of newly built single-family homes unexpectedly fell to a record low in January, according to government data on Wednesday that hinted at potential trouble for the fragile housing market recovery.

Blackstone to cut Hilton debt by almost $4 billion

Private equity firm Blackstone Group LP will cut the $20 billion debt load of its hotel chain, Hilton Worldwide Inc, by almost $4 billion in a restructuring, according to court documents.

Wall Street up after Bernanke interest rates comments

U.S. stocks advanced on Wednesday after Federal Reserve Chairman Ben Bernanke reaffirmed his commitment to keep interest rates low for an extended period.

Wall Street adds gains on tech, financials

U.S. stocks extended gains on Wednesday, with the Dow and Nasdaq up more than 1 percent, as technology and financial shares advanced after Federal Reserve Chairman Ben Bernanke vowed to keep interest rates low to foster an economic recovery.

Bernanke troubled by lending conditions

In his semi-annual testimony to the House Committee on Financial Services, Fed Chairman Ben Bernanke attributes poor credit conditions as a major factor in hindering key areas of the economy from recovery.

US Jan mass layoffs edge up on weak manufacturing

The number of mass layoffs by U.S. employers edged up in January as manufacturers stepped up job cuts, data showed on Tuesday, but probably not enough to alter views that the economy is on the brink of creating jobs.

Stocks up after Bernanke comments, housing weighs

U.S. stocks rose on Wednesday after Federal Reserve Chairman Ben Bernanke reaffirmed his commitment to keep interest rates low for an extended period.

Stocks point higher ahead of Bernanke

U.S. stock index futures pointed to a slightly higher open on Wednesday as investors looked ahead to congressional testimony from Federal Reserve Chairman Ben Bernanke for clues to the U.S. central bank's thinking on the economy.

China textiles, garments export value rises in Jan

China's textiles and garments export value hit $15.57 billion in the first month of this year. In a statement issued here,China's General Administration of Customs said, this was an increase by 2.2 percent from the same month last year.

ITC plans to market food products in UAE, GCC

India's ITC is planning to market their food products in UAE and the Gulf Cooperation Council (GCC) through a partnership with the Al Seer Group, an ITC official was quoted by a new report.

India keen to buy 191 tonnes of IMF gold

Will India go in for buying the 191 tonnes of gold that the International Monetary Fund (IMF) plans to sell soon? Yes, India is a potential buyer for the remaining stock of IMF gold that is to be sold in the open bullion market, analysts said on Wednesday.

Global companies scout for Indian rough diamonds

A four member delegation from Alrosa Co. Ltd, headed by vice president Mr. Yury Okoyomov is on an exploratory trip to India from 21st February to 26th February, 2010. The team has met up with the Gem & Jewellery Export Promotion Council (GJEPC) headed by chairman Mr. Vasant Mehta on 22nd February, 2010.

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