Gold's identity as a 'safe haven' for investments may be challenged as the investors in India have discovered yet another safe haven, equities of Reliance Industries Ltd (BOM:500325), which is potentially high yielding investment instrument and has proved to be one of the most sought after asset classes, almost next to gold, among the Indian investor community.
The euro dipped on Tuesday, struggling to pull away from four-year lows hit on Monday, and Asia stocks fell to three-month lows as persistent worries about the euro area's fiscal health weighed on investor sentiment.
China is committed to improving its exchange rate system based on domestic and international economic conditions, a foreign ministry spokesman said on Tuesday. Ma Zhaoxu was responding to a question at a regular press briefing about how the yuan will figure in next week's Strategic and Economic Dialogue with the United States.
U.S. regulators and exchanges are considering market-wide circuit breakers that would temporarily stop trading when it falls five percent, two sources familiar with the talks said on Monday.
Japanese manufacturers turned optimistic for the first time in two years in May, a Reuters poll showed, providing further evidence of the economy's continuing recovery led by Asian demand.
Calpers, the largest U.S. public pension fund, has voted for a shareholder proposal to separate the roles of chairman and chief executive at JPMorgan Chase & Co , roles currently held by veteran banker Jamie Dimon.
Global stainless steel production in first quarter reached record levels at 7.47 mn metric tonnes, according to International Stainless Steel Forum (ISSF). The growth in production was spread across the world with USA leading the way, ISSF said. It said that the 54.6% growth in output cannot be sustained throughout 2010 as production in first quarter of 2009 was severely impacted by financial crisis.
Global oil prices recovered in Asian trade Tuesday after an overnight slump below $70 a barrel. Light sweet crude for June delivery was seen trading at $70.71 a barrel at 12.00 noon Singapore time while Brent crude was at $ 75.80 a barrel in London. Analysts said the black gold gained momentum as some investors took the view a drop below $70 a barrel made the commodity attractive to buy.
Gold prices advanced in Asian trade Tuesday but remained volatile as investors began profit taking on recent highs of the precious metal. The yellow metal however remained $20 below a lifetime high struck last week, while another increase in holdings in the world's largest gold-backed ETF showed investors were keeping faith with the metal.
An informant for U.S. regulators probing fraud claims against Goldman Sachs has urged Australia's markets watchdog to also investigate the U.S. bank, a newspaper said on Tuesday.
The AUD has opened this morning fairly unchanged despite falling through the USD0.8700 level last night.
A panel advising U.S. market regulators will meet on May 24 to discuss the mysterious market plunge, the Securities and Exchange Commission said on Monday.
Google Inc could face inquiries from German and U.S. officials following the company's disclosure it had mistakenly collected sensitive data sent by consumers over wireless networks, the Financial Times reported on Tuesday.
U.S. money manager Waddell & Reed Financial Inc said an internal analysis of trading activity indicates it was not the cause of the flash crash that briefly wiped out $1 trillion in market capital earlier this month.
After holding up relatively well for the majority of the week compared to other major currencies the Aussie dollar finally gave way to a barrage of selling on Friday night falling below the 89 cent handle to a low near 0.8850 against the Greenback.
U.S. stocks staged a comeback in late trading on Monday as bargain hunters snapped up beaten-down shares, setting aside concerns that efforts to tackle the euro-zone debt crisis could stifle the global economy.
Nobel Peace Prize-winner Muhammad Yunus opened a branch of his Grameen Bank in Manhattan on Monday, saying he hopes the big Wall Street banks just a subway ride away can learn from his success in granting small loans to the poor.
The U.S. government has recovered about half of the initial $4 billion in bailout money that was extended to Chrysler Group under the Bush administration, the Treasury said on Monday.
Shaken by a debt crisis that is hurting their currency, euro zone finance ministers met on Monday to discuss more effective fiscal discipline for now and the longer term. The talks were the first since euro zone governments hatched a $1 trillion plan a week ago in a bid to stabilise nervous financial markets and limit contagion risks after the financial rescue of Greece, the first in 11 years of monetary union.
Stocks fell on Monday as investor concerns grew that efforts to tackle the euro-zone debt crisis could stifle the global economic recovery.
Platinum and palladium prices have witnessed a big surge in the recent past following the increased demand from auto sector in China and India. But this surge has hit the auto makers in India in a big way. Due to increased competition in Indian market car makers in India have been witnessing a price war. At that time the steel prices soared and along with that platinum and palladium prices also shot up.
The pace of the U.S. economic rebound may be slowing, manufacturing data suggested on Monday, as concerns grow about the impact of Europe's debt crisis on global growth.
Stocks dropped more than 1 percent on Monday as steep slides in commodity prices hit energy and materials shares, while below-forecast data gauging New York factory activity dented the economic outlook.
U.S. stocks dropped more than 1 percent on Monday as steep slides in commodity prices hit energy and materials shares, while below-forecast data gauging New York factory activity dented the economic outlook.
Foreigners bought a record $140.5 billion of long-term U.S. securities in March, the Treasury Department said on Monday, and more than doubled purchases of U.S. government bonds.
Microsoft Corp will pay $200 million to VirnetX Holding Corp and obtain a patent license to settle litigation accusing it of infringing two patents for communicating over the Internet.
U.S. credit card delinquencies fell for the fourth straight month in April, the latest indicator that Americans are recovering from the worst economic downturn since the Great Depression.
Washington Mutual Inc proposed an amended plan of reorganization on Monday that would return $7 billion to creditors, but it was unclear if the Federal Deposit Insurance Corp would support the plan.
Hedge fund firm Man Group PLC has agreed to buy rival GLG Partners for $1.6 billion as it seeks to boost flagging growth, while creating a new giant in an industry reshaping after the financial crisis.
British insurer Prudential Plc unveiled a $21 billion cash call as it tried to put its takeover of AIG's Asian unit back on track and launched a charm offensive to woo wary shareholders.
