US votes for Chinese steel duties
A US trade commission has agreed plans to impose tariffs on imports of Chinese-made steel pipes. The US’s International Trade Commission voted unanimously in favour of the tariffs, designed to offset Chinese government subsidies. Duties ranging between 10% and 15% are now set to be imposed. The move is the latest in a...
US Treasury in foreclosure fines
Source : www.bbc.co.uk The US Treasury Department is cracking down on mortgage companies failing to help borrowers at risk of foreclosure. The Treasury hopes the move will increase participation in its mortgage assistance program, which aims to lower mortgage payments. Mortgage providers must now submit details on how they...
Australia raises rates for third straight month
source : www.bbc.co.uk Australia’s central bank has raised interest rates for a third month in a row, as the country’s economy continues to recover from the downturn. In a widely expected move, the cost of borrowing increased to 3.75% from 3.5%. Australia was the only major developed economy to expand in the first...
Bank of Japan acts to boost economy
Source : www.bbc.co.uk The Bank of Japan has announced new measures to boost the economy and tackle deflation. After an emergency meeting, the bank said it would inject 10 trillion yen ($114bn; £70bn) into the economy by offering banks cheap short-term loans. It wants to make more money available to encourage banks to increase...
Central Bank of the United Arab Emirates takes hard line as Dubai counts soaring co
source : www.timesonline.co.uk LINKS : ABout dubai The fate of $65 billion of unfinished Dubai property projects was in the balance last night as Abu Dhabi and the Central Bank of the United Arab Emirates prepared to take a tough line over bailing out the stricken Gulf state. The UAE central bank intervened yesterday, setting...
Fear of creditor wipe-out as Dubai jettisons conglomerate
source : www.timesonline.com The Government of Dubai has refused to honour the debt obligations of its largest company, prompting fears that international creditors could be wiped out. Dubai World, the state-owned conglomerate, was effectively abandoned to its fate by the Emirate’s Government yesterday despite previous...
Modest gains as financials lead late turnaround
source : www.usatoday.com Holiday shopping season off to lackluster start; dollar, bonds fall too By Peter McKayMarketWatch, NEW YORK (MarketWatch) — Financial stocks enjoyed a late rally Monday, spurring the broader market to a slight gain as investors bet that major U.S. banks would emerge relatively...
Europe and Asia shares rebound on Dubai talks
Relieved investors sent British shares soaring today after it emerged that Dubai World, the state-owned conglomerate at the heart of the country’s debt crisis, had begun talks with creditors to restructure nearly half of its $59 billion (£35.8 billion) borrowings. Shares on the FTSE 100 jumped 89 points to send the...
Dubai shares fall for second day
Source : www.bbc.co.uk Dubai shares fall for second day Shares on the main stock indexes in Dubai and Abu Dhabi have tumbled for the second day in a row. Both indexes were down about 6% after recording big losses on Monday. Dubai World has unveiled plans to restructure $26bn (£15.8bn) in debt, its first comment since the crisis...
