Oil prices rose above $35 a barrel on Thursday ahead of United States data expected to show crude inventories in the top energy consumer hit an 11-year high amid a worsening recession.
Oil stocks in the U.S. have risen by 20 percent since September as the downturn has crushed consumption, and helped pull crude prices more than $110 off their peaks last summer.
A day ahead of expiry, U.S. crude f...
Shares in Swiss banking giant UBS AG rose 3 percent on Thursday after it agreed to pay $780 million and identify certain American clients to settle criminal fraud charges in the United States.
The settlement, announced on Wednesday, further cracks Switzerland's trademark bank account secrecy and could have wide implications for the $7 trillion-offshore banking industry by making it harder to try...
A healthy U.S. auto industry is vital for a sound U.S. economy and by extension for Japanese carmakers, a Tokyo-based auto lobby said, giving a tacit nod to the latest request for federal aid from ailing rivals in Detroit.
Oil prices were steady below $35 a barrel on Thursday, ahead of U.S. data expected to show crude inventories in the top energy consumer have hit an 11-year high amid the worsening recession.
Oil stocks in the United States have already risen by 20 percent since September as the economic downturn crushed consumption, which helped pull crude prices more than $110 off their peaks last summer.
A day...
People scrambled on Wednesday to get back their money from firms linked to Texas billionaire Allen Stanford, as fallout from U.S. fraud charges against him spread from the United States and the Caribbean to Latin America and Europe.
Japan's Nikkei stock average rose 0.5 percent on Thursday, a day after closing at its lowest in nearly four months, with exporters leading the market higher after the dollar climbed above 93 yen for the first time in six weeks.
The weaker yen boosted tech shares such as Kyocera Corp as well, while automakers such as Honda Motor Co gained on short covering.
But inve...
Oil prices were steady below $35 a barrel on Thursday ahead of U.S. data expected to show crude inventories in the top energy consumer have hit an 11-year high amid the worsening recession.
Oil stocks in the United States have already risen by 20 percent since September as the economic downturn crushed consumption, which helped pull crude prices more than $110 off their peaks last summer.
A day ...
General Motors Corp is battling to survive collapsing auto demand, tight credit and uncertain prospects for recovery in its biggest markets.
Swiss banking giant UBS AG has agreed to pay $780 million and identify certain U.S. clients in a deal to resolve criminal fraud charges that it assisted rich Americans to evade taxes.
The settlement announced on Wednesday further cracks Switzerland's trademark bank account secrecy and could expose some UBS customers to Internal Revenue Service scrutiny and law enfor...
After more than a decade of hype about the Internet being the next great stage for mass entertainment, it remains dominated by amateurs with most Hollywood stars watching from the wings.
A U.S. federal court denied class action status to a lawsuit accusing Microsoft Corp (MSFT.O) of misleading buyers about which computers could run expanded features that were part of the Windows Vista operating system.
Remember the Alamo? Well, along with that veteran icon of downtown San Antonio are several other historical and captivating missions in nearby San Antonio...
besieged his banks and companies to try to redeem funds or seek information about their savings.
After the shock generated by the alleged $50 billion Ponzi scheme fraud by Wall Street veteran Bernard Madoff, regulators sought to calm public fears about another major financial scandal at a time of global recession and banking failures.
In Colombia, a local affiliate of Stanford halted its activi...
The U.S. has allocated $43 billion from the $787 billion economic stimulus package to boost clean and efficient energy.
Swiss bank UBS AG will pay $780 million and hand over the names of some U.S. customers in an agreement to resolve criminal charges that it defrauded U.S. tax authorities.
Russia and Georgia have agreed on a mechanism to try to prevent any flareups around the breakaway South Ossetia region from turning into full-scale clashes, international mediators said on Wednesday.
U.S. President Barack Obama pledged up to $275 billion on Wednesday to help stem a wave of home foreclosures, part of a broad effort to lift the country out of recession.
Up to 9 million families would be given the chance to refinance their mortgages under the plan, administration officials said. He unveiled the plan in Arizona, a state hard hit by home foreclosures.
Obama, who a day earlier sig...
NEW YORK - Oil prices fell nearly 1 percent to below $35 a barrel on Wednesday as dealers bet that slumping fuel demand in top consumer the United States has forced crude inventories to an 11-year high.
U.S. crude for March delivery slipped 31 cents to settle at $34.62 a barrel, while U.S. crude for April delivery fell $1.13 to $37.41 and London Brent for April delivery fell $1.48 to $39.55.
Th...
NEW YORK - Stocks eased in choppy trading on Wednesday as data pointing to yet more weakness in housing suggested the recession is deepening, offsetting a round of bargain-hunting following Tuesday's big market slide.
Data showed U.S. housing starts and building permits dropped to record lows in January, with construction plans scrapped as unsold houses stood empty.
Laggards included shares of...
DETROIT - A government-backed bankruptcy reorganization remains an option for saving General Motors Corp and Chrysler LLC, analysts said on Wednesday, even though the automakers have said they would rather not go down that road.
GM and Chrysler asked for billions of dollars more in federal aid on Tuesday and announced sweeping changes including capacity reductions and job cuts.
Some Wall Street...
Federal Reserve Chairman Ben Bernanke pledged anew Wednesday to do everything in his power to lift the country out of recession, while defending the extraordinary steps the Fed has taken to fight the worst credit and financial crisis since the 1930s.
Freddie Mac, the No. 2 U.S. home funding company, on Wednesday sold a record $10 billion three-year reference notes, the largest single new issue since the government-sponsored enterprises started global note programs over a decade ago.
