The rate of foreclosures in the United States will remain higher than normal for the next 18 months as the current home loan crisis plays itself out, a senior U.S. Treasury official said on Friday.
Leading European bank stocks tumbled on Friday as worries mounted that the U.S. subprime crisis has taken a sharp turn for the worse and will force another round of hefty writedowns of bank exposures.
Japan's Casio Computer Co Ltd said it planned to launch W-CDMA cell phones in Japan sometime during the six months from October 2008 to March 2009, reaching out for a wider range of potential customers.
Shares in PetroChina, which raised $9 billion in the world's biggest initial public offer this year, are set to double their price when they list in Shanghai on Monday, buoyed by the company's position in the world's second biggest energy market.
Oil climbed more than $1 on Friday, holding near $94 a barrel as concerns about tight supplies in the run up to winter prevented a major sell-off.
The dollar dropped to a record low against the euro and a major currency basket on Friday, on persistent worries about credit and unreported losses at financial firms, which overshadowed a strong U.S. payrolls report.
Stocks fell on Friday as gains from an unexpectedly strong jobs report were quickly overwhelmed by fears of more fallout from the credit crisis.
Large U.S. banks and brokerages will suffer additional write-downs of more than $10 billion in the fourth quarter as deteriorating credit trends continue to undercut the value of subprime mortgages and related securities, a Deutsche Bank analyst said.
Chevron Corp's third-quarter earnings fell more than 25 percent, missing analyst estimates on sharply lower profits from gasoline production.
Oil's rally to record price highs has sparked a rush of bets on just how far it can go -- from workers in London's East End to Manhattan industry gurus.
The economy grew at a healthy clip in the third quarter despite a heavy weight from housing, but the strong consumer spending and export performance that held it aloft now look set to fade.
Oil climbed $1 on Friday, heading towards $95 as concerns over tight fuel supplies in the run up to winter returned to the fore.
Wall Street looked set to open on the upside on Friday after government data showed that more than twice as many jobs were created in October as economists had expected.
Negotiators for Ford Motor Co and the United Auto Workers talked into Friday morning as the two sides closed in on a labor deal that would cap a historic round of bargaining between the union and the embattled U.S. auto industry.
Mazda Motor Corp posted a 1.5 percent rise in quarterly operating profit as a weaker yen, cost cuts and sales growth offset a cutback in shipments to North America, and kept its full-year profit forecast unchanged.
The United States on Friday promised effective action against Kurdish rebels launching attacks on Turkey from northern Iraq, but cautioned Ankara against military moves that might destabilize the area.
European shares weakened again on Friday, as investors continued to sell down the banking and financial services sector as worries about the extent of exposure to U.S. home loans continued to weigh.
Chrysler LLC and Ford Motor Co on Thursday reported double-digit drops in October sales, lagging rivals in a slumping U.S. market widely expected to remain under pressure into next year. Chrysler, which also announced plans to slash one-fifth of its factory work force and cut four slow-selling models, posted a 12 percent drop in monthly sales that was deeper than analysts had forecast.
Dell Inc., yesterday revealed an Energy Star 4.0 compliant desktop that helps consumers reduce their carbon footprint, in an effort to extend its commitment to becoming the greenest technology company in the world.
Financials led a sharp drop on Wall Street on Thursday, wiping out the previous session's Fed-fueled gains, after brokerages downgraded the two biggest U.S. banks, sparking fears of more credit crisis fallout. Adding to the gloom, Exxon Mobil reported profits that fell short of analysts' expectations due to slim margins from gasoline production and lower natural gas prices.
Chrysler LLC said on Thursday it would cut up to 10,000 hourly jobs through 2008 as it slashes production capacity in North America and eliminates four slow-selling vehicles.
Gold prices hit a 28-year high on Thursday, a hair's breadth away from the key $800 mark, stoked by a tumbling dollar, record-high oil and inflation concerns.