Top Headlines - part 71
ECONOMY November 18, 2011 | 11:01 AM
- Benchmark crude jumps over 25% since end September
- Report of rising consumer spending for 5 months fuels oil prices
- Political tension in oil producing countries spurs oil prices
The benchmark West Texas Intermediate crude oil price has breached the $100 per barrel mark, climbing to $100.79.
The price of benchmark crude has jumped more than 25% since the close of September on the back of economic improvement. The impetus on the Federal Reserve to spur economic growth is mounting in the face of slowing inflation.Read more »
ECONOMY November 18, 2011 | 10:54 AM
- Industrial output grows 0.7%, exports up to $180 billion
- Labor Department shows 0.1% CPI drop, 3.5% decline in inflation
- Corporate spending boosts economy with over 17% rise
New manufacturing and inflation figures suggest that the US economy is weathering Europe's financial and political problems better than expected: the Federal Reserve has recorded a 0.7% improvement in industrial output, the quickest growth in three months, while the Labor Department reported a 0.1% decline in the consumer-price index (CPI) as the cost of living dropped for the first time in four months.
Analysts told the Associated Press that exports to Europe account for one-fourth of all US corporate revenue, and that they expect the US economy to slow next year as the unstable Euro makes American goods more expensive abroad.Read more »
FINANCE November 18, 2011 | 10:47 AM
- Wal-Mart sees 2.9% drop in profit for third fiscal quarter, with net income of $3.3 billion
- Wal-Mart sales up by $8.3 billion
- Layaway makes comeback to encourage holiday spending
The world’s largest retailer, Wal-Mart saw its profits drop slightly in the third fiscal quarter, with net income of $3.3 billion, or 2.9% less than third quarter last year. However, net sales increased by $8.3 billion over 2010.
In the US, sales for Wal-Mart stores increased by 1.3% while Sam’s Club stores increased by 9%. Internationally, Wal-Mart sales increased over 20% with the highest rates of growth in Mexico and Argentina. International sales were also helped by acquisitions in Great Britain and South Africa, which totaled $2.1 billion.Read more »
BUSINESS November 17, 2011 | 11:24 AM
- Google set to partner with Universal on cloud music downloads
- Warner and Sony’s absence from Google press event points to soured talks
- Google researches space elevators and helper robots in its secret labs
As Google prepares to add song downloads to its cloud music service, the company looks on the verge of signing an agreement with the leading music company in the world, Universal Music Group.
The search engine giant plans to bring out an online music-download store, allowing customers to store copies of songs online that they could access from several devices. Google is also looking to secure music-sharing rights for members of its Google+ social network.Read more »
WORLD November 17, 2011 | 10:20 AM
- Stem cell injection boosts heart function 12% in one year
- World’s biggest stem cell medical center opens in Beijing
- Stem cell company Geron axes 40% of its full-time positions
Cardiac damage following a heart attack can be combated with a patient’s own stem cells, stem cell researchers have discovered.
Heart failure manifests as fatigue and shortness of breath, and is caused by cardiac muscle damage, which reduces the heart’s function. While traditional treatments seek to ease symptoms, the recent stem cell research breakthrough goes further to repair the heart with an injection of 1 million stem cells from other parts of the patient’s own heart.Read more »
FINANCE November 17, 2011 | 9:14 AM
- Bank of America earns almost $10 billion in two CCB stake sales
- IMF warns Chinese financial sector is vulnerable
- Obama demands China afford equal opportunity to foreign business
Selling the majority of its shares in China Construction Bank (CCB) saw Bank of America turn a profit while signaling falling confidence in Chinese banks.
Bank of America earned close to $2 billion after-tax profit from its CCB stake sale. The deal follows the $8.3-billion sale of its stake in CCB in August. Goldman Sachs offloaded a $1 billion stake in the Industrial and Commercial Bank of China in November.Read more »
BUSINESS November 16, 2011 | 4:43 PM
- Toyota recalls 400,000 Toyota and Lexus V6 vehicles due to faulty power steering
- Production in Japan to be back on track beginning November 21
- Toyota drops to number three in race to be top automaker worldwide
In the wake of recent natural disasters dramatically affecting Toyota Motor Sales Inc.’s production, Toyota is hit with yet another setback: Toyota and Lexus have voluntarily recalled over 400,000 vehicles due to issues with the power steering mechanism.
According to Toyota, specific Toyota and Lexus vehicles with V6 engines may have a problem with the crankshaft pulley that could cause the power steering belt to dislodge, making steering difficult. Toyota will notify owners via mail starting January 2012 when it anticipates the parts should become available.Read more »
WORLD November 16, 2011 | 3:41 PM
- Robertson announces decision to halt the issuance of new CSG licenses as well as suspend current licenses
- CSG emissions could impact water supply and environment
- Australia Greens question decision to suspend CSG licenses
New South Wales Labor leader John Robertson has announced a new policy calling for the O’Farrell Government to suspend all current coal seam gas (CSG) licenses as well as the issuing of coal seam gas extraction licenses and applications to expand existing operations.
According to Robertson, he feels that the CSG industry “doesn’t have a proven track record when it comes to things like water aquifer contamination” and fears the impact it could have on water quality as well as the atmosphere as a whole.Read more »
ECONOMY November 16, 2011 | 10:11 AM
- Japan reports 6% annualized growth in July-September quarter
- Exports up 6%, with economic output reaching $7 trillion
- Private sector machinery orders fell more than 8% in September
Japan is showing good recovery following the quake that shook its economy, reporting 6% annualized growth in the July-September quarter, its first growth in four quarters.
The March 11 earthquake and tsunami lead to a nuclear crisis in Japan, hitting industrial growth, especially in the automotive sector, which was hit by production shortages. The country’s economic recovery is likely to be slowed by a precarious wider economic climate and a strong yen.Read more »
BUSINESS November 16, 2011 | 9:16 AM
- Emirates places $18 billion worth of orders for 50 Boeing 777 mini jumbos
- Boeing forecasts $450 billion worth of Middle East business through 2030
- Tension in Iran to lead to scramble for Gulf military aircraft orders
Boeing is to meet Middle East demand for long-haul fleets, providing more than 35,000 pilots and 53,000 maintenance staff, taking in orders for over 50 of its 777 mini-jumbos, worth over $18 billion from Emirates airline.
The US planemaker forecasts Middle East orders for over 2,500 jetliners, representing $450 billion worth of business throughout 2030. Demand is led by Gulf airlines such as Qatar Airways, Emirates and Etihad.Read more »