The British Government has come under yet more criticism today after the National Audit Office (NAO) said that it could have got the taxpayer “more money†from the partial sale of defence firm Qinetiq. Qinetiq was sold by the Ministry of Defence (MoD) to US based private equity group Carlyle in 2003 for £42 million.
Stocks rebounded on Friday in an abbreviated session as the start of holiday shopping lifted retail stocks, while progress in a plan to relieve the credit market's strain aided bank shares. Shares of JPMorgan Chase, Bank of America and Citigroup all rose more than 2 percent. The three banks, spearheading an effort to establish a superfund to ease problems in the credit market, are expected to seek support from others in the industry.
Eager shoppers stormed malls and stores across the country on Friday to snap up the early-bird specials that mark Black Friday, the first official day of the U.S. holiday shopping season. While shoppers were looking for giveaways and discounts, analysts and investors were watching for signs of consumer strength or weakness.
Freddie Mac's credit losses may surpass its historic high, if the U.S. mortgage market deteriorates more than what is forecast by the No. 2 mortgage finance company, Moody's Investors Service said.
Former Federal Reserve Chairman Alan Greenspan said on Friday that chances of a U.S. recession would be more than 50 percent if it were not for the remarkable flexibility of the economy.
Five Hollywood studios have sued a Chinese online service and internet cafe they accuse of offering pirated downloads of Pirates of the Caribbean and other hit films, state media reported on Thursday.
Chinese Intenet users see the Web as a key to socializing and sharing opinions
Japan's big automakers such as Toyota and Honda are expanding in the Middle East and other smaller markets.
The dollar plumbed record lows against major currencies on Friday and briefly got close to $1.50 to the euro as concerns about the U.S. economy rattled investors but Asian and European stocks advanced.
The euro set fresh record highs versus the dollar on Friday, but the $1.50 level proved out of reach for now as the euro was knocked more than a cent off its peak by comments from a euro zone policymaker.
Oil edged back up above $97 a barrel in thin trade on Friday, buoyed by the unrelenting decline in the U.S. dollar, while some OPEC members showed signs of stepping up output ahead of their policy meeting in two weeks.
Gold gained more than $6 an ounce on Friday as bargain hunting intensified after the U.S. dollar tumbled to record lows against the euro on expectations the Federal Reserve will slash interest rates next month.
The South Korean won's recent weakening against the U.S. dollar is seen as a natural phenomenon in line with globally-increased risk aversion, Vice Finance Minister Lim Young-rok said on Friday.
Thousands of people made homeless by Bangladesh's deadliest cyclone in 16 years scrambled for cover after rumors spread that a tsunami was about to hit the devastated coastline, officials and reporters said on Friday.
A bomb hidden in a box of birds killed 13 people and wounded 57 at a popular pet market in central Baghdad on Friday, police and witnesses said, describing the deadliest attack in the Iraqi capital in two months.
The holiday shopping season kicked off on Thursday even before the turkey was carved, as retailers, worried that gift buying may slow this year, posted special deals on their Web sites on Thanksgiving day. Numerous retailers, including Wal-Mart Stores Inc, Best Buy Co Inc and Circuit City Stores Inc, are offering special deals online.
China wants next month's international talks on global warming to focus on future greenhouse gas cuts by rich countries and moving more clean technology to poor countries, an official said on Thursday.
The U.N. nuclear watchdog chief said on Thursday Iran was clarifying atomic development efforts on schedule, countering Western doubts, but Tehran must step up cooperation to resolve remaining questions this year.
Saudi Arabia has not ruled out the possibility of taking part in a Middle East peace conference with Israel next week, according to comments by Crown Prince Sultan carried by state television on Thursday.
Egyptian President Hosni Mubarak held talks on Thursday with Jordan's King Abdullah and was due to meet the Palestinian president to coordinate positions ahead of a U.S.-sponsored peace conference.
The cost of Thanksgiving is soaring, according to investment bank Merrill Lynch & Co, which may help explain the gloom among U.S. consumers as they head into the holiday season.
Pakistan's Supreme Court, stacked with judges friendly to President Pervez Musharraf, on Thursday threw out a final challenge to his re-election and paved the way for him to quit as army chief.
