Finance

19
Nov
OECD revises down global economic growth forecasts

Global growth for 2013 and 2014 has been downgraded "significantly" after weak prospects in emerging markets, says the Organisation for Economic Co-operation and Development. Global GDP this year is now expected to grow by 2.7%, down from 3.1% forecast in May. But it said global economic growth would speed up by 2015. However, the OECD said the UK would grow by 1.4% this year, an upgrade from its forecast in May of 0.8%. UK growth would... [read news]

18
Nov
US stocks dip after Dow hits 16,000

The US Dow Jones index broke through the 16,000 level for the first time on Monday before giving up some of the gains in late trade. At one point the Dow touched 16,030.28, but it ended 14.32 points up on the day at 15,976.02. The S&P 500 index rose above 1,800 for the first time, before a late sell-off pushed it down 6.65 points to 1,791.53. Stocks have been buoyed by hopes that the US central bank will continue with its economic stimulus... [read news]

17
Nov
Dubai Airshow: 'Gulf Three' deals will strike fear into rival airlines

The fact that Emirates, Etihad and Qatar Airlines bought more than $150 billion worth of commercial planes on the first day of the Dubai Airshow has surprised no one, but at the same time worried just about everyone in the airline industry -- well, everyone who's not working for the Gulf airlines. The sheer number of aircraft being purchased at this year's show is outstanding, amazing and a little bit disconcerting. The headline deal is... [read news]

16
Nov
Secret Flow Of Somali Piracy Ransoms: 179 Hijacked Ships Generated Some $400M In Payments Since 2005. So Where Has It All Gone?

Somali pirates have extracted hundreds of millions of dollars in ransom since 2005, but the men doing the actual attacks take home only a miniscule fraction of the payoff. Still, compared to what they could otherwise earn, piracy remains a lucrative livelihood. Ransom payments to Somali pirates are estimated to have been between $339 million and $413 million in the period 2005-2012, according to a report issued Monday by the International... [read news]

15
Nov
Stocks up again: Dow 16,000 in sight

Stocks ended modestly higher Thursday after Federal Reserve chair nominee Janet Yellen indicated in a Senate hearing that she will continue to support the economy with stimulus measures. Investors were encouraged and sent the Dow Jones Industrial Average and S&P 500 to new records. The Dow is now just 1% from hitting 16,000, while the S&P 500 is less than 1% from 1,800. The Nasdaq lagged behind the other two major indexes, as a drop in Cisco... [read news]

13
Nov
Energy bill hikes to last 17 more years - watchdog

Consumers face 17 more years of above-inflation increases in energy and water bills as they help pay for the renewal of the UK's infrastructure, Whitehall's spending watchdog has warned. The National Audit Office added that "gaps" in the official analysis meant government lacked "an overall picture of affordability". It expressed particular concern about low-income households. But the government said it was "committed" to keeping bills... [read news]

12
Nov
How to Manage a Loved One’s Financial Affairs

The shifty financier played by Danny DeVito in the 1991 movie Other People’s Money pretty well summed up Wall Street’s view of a fiduciary: “I love money,” the DeVito character said. “I love money more than the things it can buy. There’s only one thing I love more than money. You know what that is? Other people’s money.” Wall Street has long made a killing with OPM, as it’s known. But ordinary folks with a conscience... [read news]

08
Jan
New acquisition for Bristol-Meyers

Bristol-Myers Squibb Co. (BMY) has finally agreed to pay $2.5 billion in cash in order to buy Inhibitex Inc. (INHX). The company they seek to get hold of is the second maker of hepatitis C drugs. The acquisition is due to take place in two months. Inhibitex announced it will ask its shareholders to accept the offer made Bristol – Mayer of $26 per share. This agreement is one of the biggest made by the company since 2007. Gilead Sciences Inc.... [read news]

06
Jan
Hungary struggles to save IMF deal

Hungary’s Premier Viktor Orban took a step back in the confrontation he had with central bank chief Andras Simor. The man is trying to restart discussions regarding an international bailout. The country received its third downgrade earlier today. “The president can count on the government’s support, including our backing for him personally,” Orban told reporters after he met with Simor today in Budapest. The government admitted it was... [read news]

02
Dec
Zynga evaluated at $9.04 billion

Zynga Inc is trying to receive a more modest evaluation on Wall Street for its first public offering. Considering the fact that several Internet stocks fell under their IPO price in recent weeks, Zynga is trying to attract investors. The maker of social games such as "FarmVille" and "Mafia Wars”, wishes to sell 100 million new shares with prices ranging from $8.50 to $10 each. If this comes to pass then the company will be able to raise... [read news]


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