Wednesday, June 23, 2010

Business News - 23 June 2010

  • Russia gas cuts impact Lithuania
    Wed, 23 Jun 2010 07:55:17 -0700
    Lithuanian gas supplies from Belarus fall 30%, as Russia further reduces the amount of gas it is supplying to Belarus over a payment dispute.
  • Big Changes in Biz Loan Approval Process
    Wed, 23 Jun 2010 07:51:56 -0700
  • New home sales plummet to record low
    Wed, 23 Jun 2010 07:48:10 -0700
    New home sales plummeted to a record low in May, the first month following the expiration of the homebuyer tax credit, snapping a two-month streak of increases.
  • Sweeping cuts
    Wed, 23 Jun 2010 07:47:55 -0700
    Europeans reflect on wide-ranging budget cuts
  • Stocks slump on housing news
    Wed, 23 Jun 2010 07:47:42 -0700
    The stock selloff accelerated Wednesday after a report showed new home sales plunged nearly 33% in May, falling to their lowest level on record.
  • Greek, Spanish Yield Spreads Widen on Economic Growth Concern
    Wed, 23 Jun 2010 07:41:00 -0700
    The extra yield investors demand to hold the bonds of so-called peripheral European nations instead of German bonds increased as signs the economic recovery may be slowing added to the appeal of the safest fixed-income assets.
  • Rivals target aging Wii
    Wed, 23 Jun 2010 07:39:42 -0700
    Microsoft and Sony have set their targets squarely on Nintendo -- and the casual gamers that made the Wii the most successful video game console of its generation.
  • Mortgage lending sees May bounce
    Wed, 23 Jun 2010 07:37:21 -0700
    The traditional bounce in spring mortgage lending finally appeared in May, according to the British Bankers' Association.
  • US new home sales hit record low
    Wed, 23 Jun 2010 07:36:05 -0700
    New home sales in the US slumped by a third in May compared with the previous month as tax credits expired, figures show.
  • Oil Pares Declines After U.S. Government Releases Supply Report
    Wed, 23 Jun 2010 07:36:00 -0700
    Crude oil futures pared declines after the U.S. Energy Department released its report on stockpiles.
  • Union Pacific keeps the economy on track
    Wed, 23 Jun 2010 07:35:28 -0700
    The strawberries on your cereal. Your laptop, cell phone, and TV. The coal that's burned to power them. The car you drive. The roof over your head. We may work in a knowledge economy, but Madonna had it right: We live in a material world.
  • McChrystal Fate as Afghan War Commander Awaits Obama Decision
    Wed, 23 Jun 2010 07:33:00 -0700
    Army General Stanley McChrystal, whose criticism of the civilian leadership of the war he is directing in Afghanistan drew condemnation from President Barack Obama, met with the president for a half-hour at the White House. McChrystal left after the meeting without public comment.
  • Budget 2010: IFS warns public services face deepest cuts since Second World War
    Wed, 23 Jun 2010 07:30:05 -0700
    Leading think tank warns emergency Budget has left public services facing the "longest, deepest sustained period of cuts" since 1945.
  • Cuts 'worst since World War II'
    Wed, 23 Jun 2010 07:24:46 -0700
    The UK faces the "longest deepest, sustained period of cuts to public services spending at least since World War II", an economic think-tank says.
  • Batista’s OGX May Start Colombia Oil Output in 2012, CEO Says
    Wed, 23 Jun 2010 07:24:09 -0700
    OGX Petroleo & Gas Participacoes SA, the oil company controlled by Brazilian billionaire Eike Batista, may begin producing crude in Colombia in 2012 as government efforts to reduce guerrilla attacks on pipelines and other infrastructure lure investment.
  • BHP, Rio Shares Pare Losses as Australia’s Rudd Faces Challenge
    Wed, 23 Jun 2010 07:23:06 -0700
    BHP Billiton Ltd. and Rio Tinto Group pared losses in London trading after Australian Prime Minister Kevin Rudd, who has proposed a new profits tax on mining companies, said he faces a leadership challenge tomorrow.
  • Billionaire Art Aficionados
    Wed, 23 Jun 2010 07:15:07 -0700
    Nine billionaires make art magazine's ranks of world's top 10 art collectors.
  • Playing The Market Like Pebble Beach
    Wed, 23 Jun 2010 07:15:00 -0700
    You must pick your spots when it pays to be aggressive and when, like now, a conservative approach works best.
  • May new home sales plunge to record low
    Wed, 23 Jun 2010 07:12:42 -0700
    WASHINGTON (Reuters) - Sales of new U.S. single-family homes tumbled more than expected to a record low in May as the boost from a popular tax credit faded, according to a government report on Wednesday that added to worries of a slowing economic recovery.

  • CEOs' view of economy brightens
    Wed, 23 Jun 2010 07:10:20 -0700
    BOSTON (Reuters) - U.S. chief executive officers' view of the economy reached a four-year high in the second quarter, with more planning to add jobs over the next six months, according to a Business Roundtable survey.

  • Agbank puts floor on HK offering, gets $5.45 billion
    Wed, 23 Jun 2010 07:00:24 -0700
    HONG KONG/SHANGHAI (Reuters) - Agricultural Bank of China has set a floor price for the Hong Kong portion of its $23 billion stock market listing, according to a report, while sources said key investors have agreed to buy $5.45 billion of the shares.

  • A Financial Advice Wonk Falls For The iPad
    Wed, 23 Jun 2010 07:00:00 -0700
    No reading glasses needed and three downloadable versions of the U.S. tax code. That's true love.
  • Can't Get A Summer Job? Be Your Own Boss!
    Wed, 23 Jun 2010 07:00:00 -0700
    Find out how to get started and what resources are available to help you become a successful entrepreneur.
  • Wall Street flat as energy stocks weigh
    Wed, 23 Jun 2010 06:44:58 -0700
    NEW YORK (Reuters) - Wall Street was little changed at the open on Wednesday as sliding oil prices weighed on energy shares, muting an advance in bank and consumer stocks.

  • Bloomberg:Obama's Greatest Challenge is Education
    Wed, 23 Jun 2010 06:41:07 -0700
    New York City's Billionaire Mayor Michael Bloomberg spoke this morning at the New York Forum.
  • U.S. stocks narrowly mixed at open, ahead of Fed policy statement
    Wed, 23 Jun 2010 06:39:52 -0700
    U.S. stocks narrowly mixed at open, ahead of Fed policy statement
  • Street Hopes Fed Says No Double-Dip
    Wed, 23 Jun 2010 06:35:00 -0700
    Traders hope the central bank reports the economic recovery remains on track.
  • Good Tech software may aid corporate iPhone sales
    Wed, 23 Jun 2010 06:30:38 -0700
    HELSINKI (Reuters) - Good Technology, one of the largest independent mobile phone business software providers, said it will expand its device management software to cover Apple's iPhone, potentially boosting corporate uptake of the iconic device.
  • Fed on sidelines, waiting for recovery to firm
    Wed, 23 Jun 2010 06:30:26 -0700
    WASHINGTON (Reuters) - The Federal Reserve is expected to renew its promise to hold benchmark interest rates exceptionally low for an extended period on Wednesday and may acknowledge a slight slowdown in the pace of U.S. economic recovery.
  • Chevron's Dividend Yield Screams 'Buy!'
    Wed, 23 Jun 2010 06:25:21 -0700
    Big oil is getting pilloried in public opinion and in the stock market, but when yields get this fat
  • China punctures yuan hopes
    Wed, 23 Jun 2010 06:18:38 -0700
    SHANGHAI (Reuters) - China's yuan eked out a tiny gain on Wednesday after its biggest swings since 2005 earlier this week, suggesting Beijing's promise of currency flexibility will not produce the rapid gains its trading partners would like.

  • Budget 2010: transport projects in North and Midlands given go-ahead to stimulate regions
    Wed, 23 Jun 2010 06:13:39 -0700
    A series of major transport schemes in the North and Midlands have been given the green light.
  • Wall St to bounce at open, Fed statement in focus
    Wed, 23 Jun 2010 06:10:27 -0700
    NEW YORK (Reuters) - Wall Street was poised to open higher on Wednesday after the previous day's tumble and with the Federal Reserve expected to reassure investors it won't move too soon on its tightening policy.
  • Fed on sidelines, waiting for recovery to firm
    Wed, 23 Jun 2010 06:09:31 -0700
    WASHINGTON (Reuters) - The Federal Reserve is expected to renew its promise to hold benchmark interest rates exceptionally low for an extended period on Wednesday and may acknowledge a slight slowdown in the pace of U.S. economic recovery.

  • Budget 2010: thousands could be evicted because of 80 per cent cut to housing benefit
    Wed, 23 Jun 2010 06:07:23 -0700
    Thousands of people could be thrown out of their homes after housing benefit was slashed by up to four-fifths in the emergency Budget.
  • ING selling stake in Kotak Mahindra Bank - TV
    Wed, 23 Jun 2010 06:00:37 -0700
    MUMBAI (Reuters) - Dutch financial services group ING was selling its entire 3.07 percent stake in Kotak Mahindra Bank, to raise up to $173 million, in a block deal, CNBC TV18 reported on Wednesday, citing sources.
  • China banks warned against risks of foreign debt defaults
    Wed, 23 Jun 2010 06:00:27 -0700
    BEIJING (Reuters) - China's banking watchdog issued new directives on Wednesday warning Chinese lenders to beware of the risk of loan defaults from foreign countries.
  • A View From St. Petersburg: Russia Rebounds From Oil Collapse
    Wed, 23 Jun 2010 05:59:39 -0700
    Russia is not going to be able to keep pace with Brazil. India or China, but Russia is going to do p
  • Soros says Germany could cause euro collapse
    Wed, 23 Jun 2010 05:57:44 -0700
    BERLIN (Reuters) - Germany's budget savings policy risks destroying the European project and a collapse of the euro cannot be ruled out, billionaire investor George Soros said in a newspaper interview released on Wednesday.

  • Coal India unit says may miss 2010/11 production target
    Wed, 23 Jun 2010 05:50:38 -0700
    BHUBANESWAR, India (Reuters) - An unit of state-run Coal India may be unable to meet its production target for this fiscal year, with local people in Orissa refusing to move out to allow mining operations, company officials said on Wednesday.
  • Obama seeks new drill ban as oil still spews
    Wed, 23 Jun 2010 05:50:26 -0700
    SAN FRANCISCO/CHANDELEUR ISLANDS, La. (Reuters) - The White House is set to step up its legal battle on Wednesday to keep deepwater drilling on hold in the Gulf of Mexico in the aftermath of the worst oil spill in U.S. history.
  • Oil slips on IEA outlook, rising U.S. fuel stocks
    Wed, 23 Jun 2010 05:48:48 -0700
    Oil extended losses below $78 a barrel on Wednesday after U.S. industry data showed a surprise jump in crude and gasoline stocks, and investors looked to government figures later in the day for confirmation.
  • Sterling hits 6-week high vs dollar
    Wed, 23 Jun 2010 05:46:29 -0700
    Sterling hit a six-week high versus the dollar on Wednesday, a day after the UK government announced an emergency budget which investors expect will improve the country's financial position.
  • High Street sales fall in June despite World Cup splurge
    Wed, 23 Jun 2010 05:24:09 -0700
    High street sales fell in early June despite shoppers splashing out on food and new televisions for the World Cup, the CBI business group said on Wednesday.
  • Budget 2010: 'I feel sorry for young couples and families - they will be hit hardest by VAT'
    Wed, 23 Jun 2010 05:03:58 -0700
    Pensioner Susan Owen is concerned about the rise in VAT to 20pc from 17.5pc.

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