FINANCE October 10, 2011 | 2:43 PM
Moody's Investors Service has reduced credit ratings for twelve British lenders due to fears that the British government may not provide support for the financial sector. Moody's cut five major banks including Royal Bank of Scotland, Lloyds TSB, Santander UK, Co-Operative Bank, Nationwide Building Society and seven smaller British banks.
The two other major lenders, Barclays and HSBC, were unharmed. RBS was cut two levels from Aa3 to A2, while Lloyds was cut by one notch from Aa3 to A1.Read more »
FINANCE October 10, 2011 | 12:20 PM
The Occupy Wall Street protests against corporate power and social inequality in the United States have spread to over a dozen cities across the country. The movement began as a loosely organized handful of people who began camping out in Zuccotti Park in New York’s financial district on September 17. Now it has spread through ten states, with new groups adding their voices to the movement.
Protesters are angry about corporate greed, corruption in the government and the growing gap between the rich and poor in America.Read more »
WORLD October 10, 2011 | 12:15 PM
Sales figures from Sotheby’s Autumn auction in Hong Kong suggest the roaring Asian art market may be slowing as gloomy economic forecasts send stocks plummeting worldwide.
The New York-based auction house was selling mainly 20th century Chinese and contemporary Asian art, and pulled in good prices for early works from renowned artistes like Zhang Xiaogang.Read more »
BUSINESS October 10, 2011 | 11:59 AM
Sony is looking to step up its smartphone campaign by buying out Ericsson’s share of its mobile phone joint venture, according to sources close to the situation.
Sony manufactures tablet PCs, PCs, handheld game consoles and other consumer electronics devices but all smartphone operations are controlled by Sony Ericsson, the sixth-largest mobile phone making entity in the world.Read more »
BUSINESS October 7, 2011 | 3:38 PM
British Broadcasting Corporation director general Mark Thompson announced the BBC will cut its budget and slash 2,000 jobs between now and April 2017. The cuts are in reaction to the 2010 government decision to freeze the broadcaster’s television licensing fee through 2016-2017. It also comes after more than £1 billion in cuts since 2008.
Thompson said the cuts will resolute in a small, reshaped BBC.Read more »
FINANCE October 7, 2011 | 2:24 PM
The Bank of England has announced it will plough $116 billion into Britain’s economy to protect the country from the ripple effect of the EU debt crisis and to ease the State’s austerity measures, buying government bonds over a four-month period.
The move leads on from an earlier asset purchases initiative that boosted the British economy $310 billion over the 11-month period ending January 2010. It is hoped that a cash injection from selling government bonds will allow the banks to redirect money to cash-strapped individuals and businesses.Read more »
ECONOMY October 7, 2011 | 11:54 AM
The United States saw over 91,000 private-sector jobs added this month according to reports from Automatic Data Processing (ADP) and consulting firm Macroeconomic Advisers. Over 1,000 jobs were created in goods-producing industries, but factory employment did see a job drop of 5,000 jobs.
The government will post its latest unemployment rate today. Most economists are expecting official numbers to reveal a modest improvement in employment.Read more »
FINANCE October 7, 2011 | 11:14 AM
Microsoft is contemplating an offer to buy out Yahoo following its failed attempt in 2008, according to sources with inside knowledge of the dealings.
In an exclusive report by Reuters, sources say the software company is gearing up to compete with other would-be Yahoo owners.Read more »
BUSINESS October 7, 2011 | 10:02 AM
Despite what rumors prior to the event would have indicated, this week’s product launch at Apple didn’t see the release of an iPhone 5 after all. Instead, the iPhone 4S was offered up in its place – a smartphone that looks just like the iPhone 4, but packs quite a bit more punch underneath its shiny shell.
Unsurprisingly, some of the rumors concerning the hardware did prove right. The new device does indeed come with a considerably more powerful A5 processor and an 8-megapixel camera rather than the 5 megapixels offered by the previous model, the iPhone 4.Read more »
BUSINESS October 6, 2011 | 3:27 PM
Eastern African countries created a master plan to resolve the region’s persistent power woes back in 2005, and the East African Power Pool (EAPP) is working to harness and exploit the unique energy resources of the region. Notably, the EAPP aims to create a power trading platform to transfer power from surplus to deficit areas in the region.
The plan envisages to harness the hydropower potential of Ethiopia, Uganda and the Democratic Republic of Congo; the geothermal potential of Kenya, Ethiopia and Tanzania; coal in the Democratic Republic of Congo and Tanzania; and natural gas in Rwanda and Tanzania.Read more »
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