Top Headlines - part 72
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 »
WORLD November 15, 2011 | 2:33 PM
- Online advertising scam impacted millions of hijacked computers
- Malware redirected search queries from infected systems to sites featuring ads for their clients
- Computers affected in 100 countries, including machines owned by NASA
The FBI has dismantled an internet fraud ring that illegally earned at least $14 billion from an online advertising scam that impacted millions of hijacked computers around the world, including some at NASA.
Six Estonian nationals have been arrested in Estonia and charged with five counts of wire and computer intrusion crimes relating to the fraud, which took place from 2007 to October 2011. A seventh suspect, a Russian national, is still at large.Read more »
BUSINESS November 15, 2011 | 12:04 PM
- Marketplace Fairness Act could mean billions of dollars in tax revenue
- Small businesses afforded $500,000 exemption on yearly sales
- Amazon falls in line with bill, eBay continues to oppose move
A bill allowing states to collect online sales tax is to be passed in 2012. The bill was introduced by several US Senators - including Michael Enzi, Lamar Alexander, and Illinois Democratic Senator Richard Durban - who hope to open the matter in a Senate committee hearing before the end of the year.
If passed, the bill, known as the Marketplace Fairness Act, would allow state governments to collect billions of dollars worth of tax revenue. To collect sales taxes from goods bought online, US states would need to sign a legal agreement to make tax codes conform across multiple states. States that do not sign the multi-state agreement could still oblige online sellers to collect sales tax.Read more »
BUSINESS November 15, 2011 | 11:21 AM
- Green light for 12 lease sales in Gulf of Mexico, 3 off coast of Alaska for later
- Alaska drilling held off pending spill response preparedness
- Obama administration leaves Atlantic and Pacific embargo in place
The Obama administration is to focus its oil and gas development efforts on the Gulf of Mexico from 2012, while delaying Arctic drilling to await reaction plans in case of spills.
The five-year plan, to run from 2012, provides for 15 possible lease sales over its duration, with 12 in the Gulf of Mexico and 3 off the Alaskan coast. Lease sales in the Beaufort and Chukchi seas, above Alaska, are forecast toward the later stages of the plan until spill response has been fine-tuned.Read more »
BUSINESS November 15, 2011 | 11:00 AM
- Kindle Fire may have an 8% share of tablet market by end of year
- Barnes & Noble releases Nook Tablet at similar price point to Kindle Fire
- Apple suggests fragmentation could drive users to seek stability of iPad platform
The recent release of Amazon’s Kindle Fire could be about to shake up the tablet market in a big way. Amazon has now increased orders for its new device to 5 million units by the end of the year, according to Taiwanese publication DigiTimes. The company raised its initial order from 3.5 million to 4 million during the third quarter, and has had to do so again in the face of even greater than expected demand.
If it sells all 5 million units, Amazon would have an 8% share of the 2011 tablet market, based on recent Gartner estimates. These are impressive figures for a device that only begins shipping today, and have taken even Amazon itself by surprise.Read more »
ECONOMY November 14, 2011 | 3:54 PM
- Canada in talks with China about investment in Alberta’s oil sands, consumption of crude oil
- TransCanada’s Keystone pipeline project uncertain given heavy US opposition
- SNC Lavalin awarded $650 million contract to build oil sands treatment plant in Alberta
Despite a volatile global economy, Canada is looking to China to boost its forestry and oil sectors as both an investor and customer.
Currently, Joe Oliver, Canada’s Federal Natural Resources Minister, is at the tail-end of a trip to China proposing Chinese investment in the growing oil sands in Alberta as well as consumption of crude oil circulating through Enbridge’s future Northern Gateway Pipeline. This pipeline would transport crude oil to Kitimat, B.C., via Edmonton, and then to Asia by tanker.Read more »