Slowdown looming but no double dip
The global economy looks likely to avoid a relapse into recession, although the next six months may be anemic, with three main causes for concern.
For stocks, angst over Europe, jobs
U.S. stocks could face more pressure this week unless investors get some relief from worries about Europe, jobs and the toll they might take on the economic recovery.
Gold ETF holdings rise to 63.75 million ounces
Gold seems most likely to trade in a wide band this week, possibly as wide as $1,180 and $1,250. Gold's appeal as a safe haven and hedge against volatile economic conditions continues to be evident.
Foxconn to up wages again at suicide-hit China plant
iPhone maker Foxconn has offered workers at its Shenzhen manufacturing hub in China a 66 percent performance-based pay rise as it tries to deal with the fallout from a spate suicides there.
Spain's labor reform could sideline unions: report
Spain may make it easier for companies to bypass unions to lower workers' pay and conditions if they can prove they are in financial difficulty, El Mundo newspaper reported on Sunday, citing government sources.
Pru denies report of renewed bid for AIG unit
UK insurer Prudential is not considering a renewed attempt to buy AIG's Asian life unit, a spokesman for the company said on Sunday, denying a media report that a fresh takeover proposal was in the works.
Eurogroup's Juncker not worried by Hungary and euro
The chairman of the Eurogroup of euro zone finance ministers, Jean-Claude Juncker, dismissed concerns on Sunday that Hungary might face a Greek-style debt crisis and said the current level of the euro did not worry him.
Australian police to probe Google over privacy issues
Australian police have been asked to investigate internet giant Google over possible breaches of telecommunications privacy laws, the attorney general said on Sunday.
Australian police investigate Google over privacy issues
Australian police have been asked to investigate internet giant Google over possible breaches of telecommunications privacy laws, Attorney General Robert McClelland said on Sunday.
Bangladesh lifts Facebook ban
Bangladesh has lifted a ban on social networking site Facebook after it removed objectionable content about the Prophet Mohammad and the country's political leaders, the telecoms regulatory agency said on Sunday. Facebook was blocked last week after publication of caricatures of the Prophet that hurt the religious sentiments of the country's majority Muslim population.
UK's Pru denies report of renewed bid for AIG unit
UK insurer Prudential is not considering a renewed attempt to buy AIG's Asian life unit, a spokesman for the company said on Sunday, denying a media report that a fresh takeover proposal was in the works.
Google to provide data to European authorities
Google Inc said on Saturday it would hand over data it collected through wireless networks to French, German and Spanish authorities as it faces mounting legal issues concerning its data collection.
Hungary government commits to budget goal
Hungary's government said on Saturday it aimed to meet this year's budget deficit target, seeking to draw a line under exaggerated talk of a possible Greek-style debt crisis that has unnerved global markets.
NCDEX sets firm on steel Futures contracts
India-based leading commodity bourse, National Commodities and Derivatives Exchange (NCDEX) has achieved yet another milestone of having one of the most successful steel contract in the world. The exchange today maintained that the average daily traded volumes are in the range of 20, 000 MT vis-à-vis the last 4 years corresponding figure of 9,000 MT.
Oil stocks balloon: Decontrol is in the air
In a landmark development in India's oil & gas sector history, the empowered group of ministers is believed to deregulate fuel prices in the second week of June, 2010. In India retail fuel prices had been administered by the central government so as to keep the end consumers safe from the uncertainties of the global crude oil price fluctuations.
Nymex gold ends near $1218
New York gold climbed overnight after equity markets dropped though the euro also tumbled to a four year low. Gold for August delivery added $7.70, or 0.6%, to $1,217.70 an ounce on the Comex division of the New York Mercantile Exchange. The comeback assured gold a 0.3% gain on the shortened holiday week and stopped a downward trend that had started Wednesday.
Gold, Platinum grab the show on TOCOM in May
Gold, platinum and other bullion metals grabbed the center-stage on the Tokyo Commodity Exchange Inc (TOCOM) during the month of May 2010 with staggering volume growth in the bullion commodities. Gold witnessed average daily volume of 66,354 contracts in May 2010 up by 33.9% from 49,545 contracts recorded in April 2010. Platinum contracts increased by 28.1% to 28,981 contracts during the month. The monthly trading volumes in gold and platinum remained at the top with gold monthly volumes at 1194...
Yuan escapes criticism from G20 but not from U.S. and IMF
China's currency policies were spared a specific mention in the Group of 20 communique on Saturday, but U.S. Treasury Secretary Timothy Geithner and the IMF kept up pressure for a stronger yuan.
Hungary government aims to meet 2010 deficit goal
Hungary's government said on Saturday it aimed to meet this year's budget deficit target, seeking to draw a line under exaggerated talk of a possible Greek-style debt crisis that unnerved global markets a day earlier.
After a struggle G20 agrees on need for deficit cuts
The Group of 20 leading economies reached an uneasy compromise on Saturday over the speed of budget cuts needed to calm global financial markets rattled by a spreading debt crisis in Europe.
Germany, Russia agree stable euro key for growth
Berlin and Moscow agree that a stable euro is key for global financial stability and sustainable economic growth, German Chancellor Angela Merkel and Russian President Dmitry Medvedev said on Saturday.
ECB's Trichet says bank stress tests nearly complete
Europe is close to completing stress tests on its banks to gauge their ability to withstand a market slump and the results should be published to help restore market confidence, top European Central Bank officials said on Saturday.
Euro zone faces zero growth: Roubini
The euro zone is facing a period of zero growth if not recession, and the United States is heading for financial trouble, U.S. economist Nouriel Roubini was quoted as saying on Saturday.
G20 scraps plans for universal bank tax
The world's top economies scrapped plans for a universal global bank tax on Saturday, giving countries plenty of wiggle room over how to make banks pay for their bailouts in future.
Hungary government says aims to meet 2010 deficit goal
Hungary's government said on Saturday it still aimed to meet this year's deficit target, as it sought to draw a line under exaggerated talk of a possible Greek-style debt crisis that had unnerved markets a day earlier.
U.S. demands Europe acts on economy, banks at G20
Finance chiefs raced on Saturday to agree on ways to support growth and make global banks safer with a warning from Washington ringing in their ears that Europe and Japan must do more to boost home-grown demand.
G20 set to dash bank levy hope
The world's top economies were set to ditch plans for a universal global bank levy on Saturday amid signs of slippage in other reforms pledged during the financial crisis.
Regulators seize three banks, year total at 81
U.S. regulators seized three more troubled banks on Friday, including TierOne Bank of Lincoln, Nebraska, ticking up the total so far this year to 81 failures.
Geithner urges G20 to safeguard recovery
Treasury Secretary Timothy Geithner urged his Group of 20 counterparts to keep stoking global growth to counteract Europe's woes and put the onus on China, Germany and Japan to boost domestic demand.
Robert Redford attacks big oil, politics on spill
Actor and environmentalist Robert Redford has weighed in on the U.S. oil spill crisis, condemning efforts by major energy companies to promote their environmental credentials and use their money to influence their parrots in Congress.