Saturday, October 23, 2010

Business - 23 October 2010

  • Trichet says EU fiscal reform too weak for euro zone
    Sat, 23 Oct 2010 07:15:15 -0700
    GYEONGJU, South Korea (Reuters) - European Central Bank President President Jean-Claude Trichet said on Saturday that new European Union fiscal rules pushed by France and Germany were too weak to...

  • Sarkozy warns currency instability threatens world growth
    Sat, 23 Oct 2010 07:13:48 -0700
    MONTREUX, Switzerland (Reuters) - French President Nicolas Sarkozy warned on Saturday that currency instability threatened world growth and called for coordinated action to reform the world financial...

  • Opinion: Early reading on G20 Finance Ministers Meeting
    Sat, 23 Oct 2010 07:03:51 -0700
    Currency expert Douglas Borthwick highlights the important components and implications of the G20 finance ministers meeting.
  • Full text: G20 Communiqué of the Meeting of Finance Ministers and Central Bank Governors
    Sat, 23 Oct 2010 06:44:24 -0700
    Full text: G20 Communiqué of the Meeting of Finance Ministers and Central Bank Governors from Gyeongju, South Korea.
  • G20 vows to avoid currency war
    Sat, 23 Oct 2010 06:40:02 -0700
    G20 finance ministers promise to refrain from "competitive devaluation" of their currencies, heading off the prospect of a currency war.
  • FDA Rejects Arena Obesity Drug
    Sat, 23 Oct 2010 06:34:31 -0700
    Lorcaserin was rejected, although the steps Arena needs to take to get it approved were spelled out.
  • Iran Aid for Iraqi Militias Outlined in Leak Documents
    Sat, 23 Oct 2010 06:10:00 -0700
    Iran provided extensive aid to Iraqi militias, such as training an operative who kidnapped American soldiers, according to classified U.S. military documents published yesterday.
  • G20 inks pact to avert trade war, seals IMF power shift
    Sat, 23 Oct 2010 06:09:29 -0700
    GYEONGJU, South Korea (Reuters) - Group of 20 finance leaders struck a deal on Saturday to refrain from competitive currency devaluations although they failed to agree firmer language that might have...

  • G-20 to Avoid Competitive Currency Devaluations
    Sat, 23 Oct 2010 05:58:00 -0700
    Group of 20 finance chiefs pledged to avoid weakening their currencies to boost exports and to let markets increasingly set foreign exchange values to defuse trade tensions before they hurt the world economy.
  • Obama Says Republicans Will Repeal Wall Street Rules
    Sat, 23 Oct 2010 05:55:00 -0700
    President Barack Obama said the passage of stronger financial regulations was one of his administration’s “most important victories” and warned that Republicans seeking control of Congress would repeal the rules.
  • The amazing Amazon bubble
    Sat, 23 Oct 2010 05:44:29 -0700
  • Robo-signing is just the tip of the iceberg
    Sat, 23 Oct 2010 05:43:57 -0700
    Robo-signing is just the tip of the iceberg.
  • Hey banks, buy back these crappy loans
    Sat, 23 Oct 2010 05:43:21 -0700
    The foreclosure document fiasco has already caused a major headache for U.S. banks -- and that headache may soon escalate into a migraine.
  • HIGHLIGHTS - G20 finance chiefs on fx, global imbalances, IMF
    Sat, 23 Oct 2010 05:40:26 -0700
    GYEONGJU, South Korea (Reuters) - The Group of 20 advanced and emerging economies agreed on Saturday to move towards market-determined exchange rates and to pursue the full range of policies needed to reduce excessive external imbalances.
  • South Korea says G20 set tougher fx tone
    Sat, 23 Oct 2010 05:20:48 -0700
    GYEONGJU, South Korea (Reuters) - A change in language in the G20 that emphasises commitment to "market determined" exchange rates rather than "market oriented" exchange rates represents a significant toughening of the message from the prior summit, a top South Korean adviser told Reuters
  • Nakheel CEO sees Dubai property surplus cleared in 3-5 yrs
    Sat, 23 Oct 2010 05:20:38 -0700
    DUBAI (Reuters) - An oversupply of residential properties in Gulf Arab emirate Dubai will take three to five years to clear, the chief executive of flagship property developer Nakheel said in remarks published on Saturday.
  • Geithner and China's Wang to meet on Sunday
    Sat, 23 Oct 2010 05:20:32 -0700
    GYEONGJU, South Korea (Reuters) - Treasury Secretary Timothy Geithner on Sunday will travel to Qingdao, China, to meet with Chinese Vice Premier Wang Qishan, a senior Treasury official said.

  • U.S.' Geithner, China's Wang to meet on Sunday
    Sat, 23 Oct 2010 05:20:26 -0700
    GYEONGJU, South Korea (Reuters) - U.S. Treasury Secretary Timothy Geithner on Sunday will travel to Qingdao, China, to meet with Chinese Vice Premier Wang Qishan, a senior Treasury official said.
  • LVMH buys 14pc stake in Hermes
    Sat, 23 Oct 2010 05:16:26 -0700
    Luxury goods giant LVMH has bought a 14.2pc stake in Hermes, but denied it will launch a takeover approach for the company.
  • Greece to meet deficit goal, no need for loan extension
    Sat, 23 Oct 2010 05:05:16 -0700
    ATHENS (Reuters) - Greece will meet its target to cut its budget deficit to 7.6 percent next year and will not need to extend the repayment of a multibillion EU/IMF loan, its finance minister told a...

  • WB: 2 workers killed in boiler explosion
    Sat, 23 Oct 2010 04:41:13 -0700
    Two workers were killed when a boiler burst at a rice mill in Gangarampur, under South 24 Parganas district, police sources said. Following yesterday s tragedy thousands of villagers were demonstrating before the mill compound to press for the demand of arrest of the mill owner and compensation to the bereaved family. Reports said the two - Jhantu Tirkey and Birsa Dhanoa - were engaged in cleaning of the boiler when it suddenly exploded and both were blown to pieces. While their bodyparts fell in adjoining paddy field and the tin roof of the mill
  • Stocks may face wild swings and earnings blitz
    Sat, 23 Oct 2010 04:39:41 -0700
    NEW YORK (Reuters) - U.S. stocks could see big swings to the downside next week on any remotely "bad" news since volatility indexes are at levels considered too low.

  • Steel prices remain unaltered in thin trade
    Sat, 23 Oct 2010 04:39:05 -0700
    In thin trading, the wholesale steel and iron prices moved in a narrow range in the national capital on Saturday in the absence of worthwhile activity. Arrivals and offtake remained at a low ebb, which also reduced the volume of business. Traders said absence of buying or selling by stockists amid tight money market conditions mainly kept prices unchanged. Following are today s quotations in Rs per tonne. CTD saria (Kamdhenu) 8-mm, 41,200, 10-mm, 41,900, 12-mm 40,600, 16-25 mm 38,450. Saria Jai Bharat (iso 9002) 8-mm 38,650, 10 mm 37,850, 12-mm
  • GM's electric car to come out next year
    Sat, 23 Oct 2010 04:36:32 -0700
    General Motors (GM) India said that it is strengthening its foothold in Rajasthan and will showcase an electric car next year. It would be an environment-friendly small car, President and Managing Director Karl Slym said, adding that it would be a battery operated car. He said GM India is rapidly expanding its network in the wake of increasing popularity of Chevrolet in India, which recently completed seven years in the country. In a joint collaboration with China s SAC (Shanghai Auto Car), GM will bring three value-package cars, he said. It would
  • India's IMF rank up 3 notches
    Sat, 23 Oct 2010 04:35:26 -0700
    India will improve its rank by three notches to the 8th position in IMF, as the group of 20 nations (G-20) decided to increase the quota of emerging markets in the multi-lateral lending agency by over six per cent. Agreement on IMF reforms has been reached. There will be a shift in quota shares to dynamic EMDCs (emerging market developing countries) and to underrepresented countries of over 6 per cent while protecting the voting share of the poorest, Finance Minister Pranab Mukherjee said. With this, India s rank in International Monetary Fund (
  • French Senate Passes Sarkozy Bill Raising Retirement
    Sat, 23 Oct 2010 04:34:00 -0700
    France’s Senate approved President Nicolas Sarkozy’s bill to raise the retirement age by two years as labor unions promised to maintain their protests for an eighth week.
  • Govt for sops to few export sectors
    Sat, 23 Oct 2010 04:33:47 -0700
    The government will review in December performance of the country s export and consider giving support to the sectors which remain under pressure, Commerce and Industry Minister Anand Sharma said. We have taken some steps. There will be another sectoral review in December. If there are sectors which continue to remain under pressure, we will intervene and see what more support can be given in the form of incentives, he said after inaugurating the MMTC Gold festival. The gold sale and exhibition will remain open till end of this month. Sharma expressed
  • AP Govt to act tough against erring MFIs
    Sat, 23 Oct 2010 04:31:51 -0700
    Andhra Pradesh Chief Minister K Rosaiah directed District collectors in the state to act tough against microfinance institutions (MFIs) that fleece poor borrowers, particularly in rural areas. Addressing Collectors through a video-conference from the Secretariat here, he said the government has brought in an ordinance that makes it mandatory for MFIs to register their activities with the specified authority (District Rural Development Agency) in each district. Rosaiah pointed out that several persons had committed suicide in the recent days as
  • G20 summit agrees to reform IMF
    Sat, 23 Oct 2010 04:29:06 -0700
    Finance minister from the G20 leading economies agree reforms of the International Monetary Fund, to give major developing nations more of a say.
  • Govt for sops to few export sectors
    Sat, 23 Oct 2010 04:17:23 -0700
  • Sugar remains flat on some demand
    Sat, 23 Oct 2010 04:17:23 -0700
  • Google admits further Street View privacy failures
    Sat, 23 Oct 2010 04:03:06 -0700
    Google admits it accidentally captured entire emails and passwords while collecting images for Street View.
  • China urges big states to take responsible policies
    Sat, 23 Oct 2010 03:50:26 -0700
    GYEONGJU, South Korea (Reuters) - Countries that are issuers of major reserve currencies must follow responsible economic policies, China's official Xinhua news agency quoted Finance Minister Xie Xuren on Saturday as saying.
  • Too big to fail banks to be determined in mid-2011 - Draghi
    Sat, 23 Oct 2010 03:40:38 -0700
    GYEONGJU, South Korea (Reuters) - Global regulators say they will not finalise which banks are judged too "big to fail" until the middle of 2011.
  • Bahrain Holds Election After Shiite Protesters Clash
    Sat, 23 Oct 2010 03:03:00 -0700
    Bahrainis voted today in parliamentary elections that come after campaign season clashes between police and members of the country’s Shiite Muslim majority who say they face discrimination.
  • Typhoon Megi Hits Southern China; 11 Dead in Taiwan
    Sat, 23 Oct 2010 01:11:00 -0700
    Typhoon Megi, which left at least 11 people dead as it skirted Taiwan and killed 26 in the Philippines, made landfall in Zhangpu city in China’s southeastern province of Fujian, the official Xinhua News Agency reported, citing authorities.
  • IMF Says G-20 Agreed on ‘Biggest Reform Ever’
    Sat, 23 Oct 2010 00:10:05 -0700
    Group of 20 nations agreed on an overhaul of the International Monetary Fund that gives a larger voice to emerging market nations, IMF Managing Director Dominique Strauss-Kahn said.
  • Ex-AIG CEO Greenberg liable in part of Cuomo suit
    Fri, 22 Oct 2010 21:55:44 -0700
    NEW YORK, Oct 23 (Reuters Legal) - A New York judge held former American International Group Inc. Chief Executive Maurice "Hank" Greenberg liable for damages on a reinsurance transaction that state...

  • Regulators close seven more banks in U.S.
    Fri, 22 Oct 2010 18:32:57 -0700
    WASHINGTON (Reuters) - The Federal Deposit Insurance Corp said on Friday that U.S. regulators closed seven more banks, bringing the total so far this year to 139.

  • Google Knows More Than Previously Thought
    Fri, 22 Oct 2010 17:42:26 -0700
    After hours: Search giant accidentally collects passwords; Fed shuts down more banks.
  • Entourage Star Dares To Ask, 'Why?'
    Fri, 22 Oct 2010 16:17:37 -0700
    Adrian Grenier on his new documentary and web site that seeks 'truth.'
  • General Growth considers Vornado exec as CEO: report
    Fri, 22 Oct 2010 16:09:16 -0700
    NEW YORK (Reuters) - Mall owner General Growth Properties Inc , which was cleared on Thursday to exit bankruptcy, is negotiating to hire Vornado Realty Trust executive Sandeep Mathrani to be its...

  • Currency war
    Fri, 22 Oct 2010 16:02:39 -0700
    The growing global row over the value of money
  • Your identity is for sale
    Fri, 22 Oct 2010 15:37:50 -0700
    Rapleaf knows your name, your age and where you live. It knows your e-mail address, your income and what social networks you use. It knows your likes and dislikes. And it makes money by selling much of that personal information to advertisers.
  • Betfair gets off to a flyer, though the race is only half run
    Fri, 22 Oct 2010 15:30:17 -0700
    Now you know why Betfair insists it is not a "traditional bookmaker". Yer trad bookie knows how to price up a market. Unlike the boys, it seems, from the peer-to-peer betting exchange. They can't even price their own float.

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