Oil prices fall further on economic gloom
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...
Playboy posts steep loss, will consider company sale
NEW YORK - Playboy Enterprises Inc , publisher of one of the world's best known adult magazines, posted a wider fourth-quarter loss, hurt by $157.2 million in restructuring and other one-time costs, as well as weaker-than-expected revenue.
The company, which posted a net loss in each quarter of 2008, also said it would be open to discussions about an outright sale of the company, o...
Fed cuts U.S. growth view and considers inflation target
that is the rate of inflation that promotes maximum sustainable employment while also delivering reasonable price stability, Fed Chairman Ben Bernanke told the National Press Club.
Taking on-the-record questions from the media for the first time since becoming Fed chairman, Bernanke said the long-run projections should help anchor the public's expectations about the future path of inflation i...
Wall Street dips on recession, housing gloom
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...
Bankruptcy remains an option for GM, analysts say
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...
Bernanke vows to do all he can to revive economy
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.
Goldman says partners hit by margin calls
Goldman Sachs Group Inc said several partners must cover margin calls triggered by the depressed value of Goldman stock and many of the firm's hedge funds, but the bank denied it is lending money to its executives.
Freddie Mac sells record $10 bln 3-year notes
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.
Berkshire sells J&J, P&G
Billionaire Warren Buffett's Berkshire Hathaway Inc reduced stakes in health-care company Johnson & Johnson and consumer products company Procter & Gamble Co.
Recession and housing gloom weigh on stocks
NEW YORK - Stocks dipped in choppy trading on Wednesday as data pointing to yet more weakness in housing suggested the recession is worsening, offsetting a search for bargains 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.
Drags included shares of financ...
Ecobank issue raises fraction of $2.5bln target
ACCRA (Reuters) - African bank Ecobank Transnational Incorporated (ETI) (ETI.GH) raised $566 million in its share and rights issue late last year, far short of the $2.5 billion targeted, a broker involved in the operation said on Wednesday.
Israel links Gaza deal to soldier's release
Israel decided Wednesday against lifting its border blockade of the Gaza Strip until Hamas agreed to the release of a captured Israeli soldier, putting a longer-term ceasefire proposal by Egypt on hold.
Bernanke: Fed taking step toward inflation target
that is the rate of inflation that promotes maximum sustainable employment while also delivering reasonable price stability, Bernanke said.
He said the long-run projections should help anchor the public's expectations about the future path of inflation in a way that could help prevent a self-feeding inflationary, or deflationary, psychology.
Bernanke said aggressive steps the Fed had taken t...
Wells Fargo shares fall; fears of payout cut, losses
NEW YORK - Wells Fargo & Co shares fell on Wednesday to their lowest level in almost 12 years before recovering amid fears the fourth-largest U.S. bank could cut its dividend and post higher losses after its purchase of Wachovia.
The combined Wells Fargo and Wachovia last month posted a $13.72 billion fourth-quarter loss as it set aside more money to cover sour mortgages and ot...
Bankruptcy may be good option for GM: analysts
DETROIT - A government-backed bankruptcy reorganization may still be a viable 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 reduction and job ...
Transcontinental slashes 1,500 jobs to cut costs
Commercial printer Transcontinental Inc is slashing 1,500 jobs or about 10 percent of its workforce as a rapid deterioration of the economy forces its customers to cut back on marketing spending, it said on Wednesday.
Telecoms executives keep faith in emerging markets
Telecoms executives are keeping faith in emerging markets despite currency gyrations amid the global economic downturn.
EU clears Johnson & Johnson to buy Vania and Polive
French cosmetic and hygiene group Johnson & Johnson, won permission from the European Commission on Wednesday, to take full control of two French makers of feminine protection products.
Wall Street rebounds on techs, bargain hunting
* Trading was volatile, with investors weighing a plan released by the Obama administration to stem home foreclosures.
* There's a process of evaluating the stimulus plan and the foreclosure plan. People are looking to see whether we're going the right path or not, said Giri Cherukuri, head trader at OakBrook Investments LLC in Lisle, Illinois.
* The Dow Jones industrial average
U.S. housing starts, permits plumb record lows
WASHINGTON - U.S. housing starts and building permits dropped to record lows in January, data showed Wednesday, as builders shelved construction plans to try to clear a glut of unsold houses caused by a slump in demand.
The data came as President Barack Obama unveiled a plan pledging up to $275 billion to help stem home foreclosures in an attempt to break the housing sector's downward spiral, w...
Turk markets claw back losses on improved sentiment
The Turkish equities lira firmed against the dollar on Wednesday and stocks pared some losses following improved sentiment in U.S. bourses and positive news on Turkey's International Monetary Fund talks.
CORRECTED: Wal-Mart slashing price on its prepaid MoneyCard
Corrects to say that Wal-Mart has since sold more than 2 million MoneyCards, not 2 billion
By Nicole Maestri
NEW YORK - A year and a half after introducing its MoneyCard, Wal-Mart Stores Inc is slashing the price of the reloadable, prepaid Visa debit card to $3 from almost $9, aiming to attract shoppers who may have grown wary of the pitfalls of credit card use.
The discount retailer is also l...
Afghans turn new page as U.S. sends more troops
Afghanistan is turning a new page in relations with the United States, an Afghan presidential spokesman said on Wednesday, as U.S. President Barack Obama ordered 17,000 more troops deployed to battle Taliban insurgents.
U.S. oil slides below $35, stocks build in focus
LONDON - U.S. oil prices fell below $35 a barrel on Wednesday, continuing Tuesday's nearly 7 percent slide on renewed economy concerns, slumping demand and bloated inventories.
U.S. crude for March delivery fell 4 cents to $34.89 a barrel by 10:53 a.m. EST, while London Brent crude for April delivery was down 92 cents to $40.11 a barrel.
The crude market is still hanging on to the low end of...
Asia's shoppers go online as Internet barriers fall
From dresses, to handbags, diamonds and music downloads, consumers in Asia are taking to Internet shopping like never before as the region becomes one of the world's fastest growing e-commerce markets.
I like to shop for clothes online because no sales girls will pester me, said Cecelia Wang, a 23-year-old university student in Taipei, who spends about T$1,500 ($44) each ...
China to lend Petrobras $10 bln for oil
The China Development Bank and Brazil's state-run oil company Petrobras are finalizing a deal for the bank to extend a $10 billion line of credit in exchange for future oil supplies, a Brazilian newspaper said on Wednesday.
Report: Russian LNG plant extends Kremlin's energy reach
Russia inaugurated a $22 billion Pacific natural gas project on Wednesday that will allow the Kremlin to extend its reach in world energy markets from its European stronghold into Asia and North America.
Telecoms industry gets real in Barcelona
Delegates to this year's Mobile World Congress in Barcelona are getting down to the business of cost-cutting and doing what deals they can as the industry adjusts to the realities of global economic downturn.
Stanford depositors swarm banks
ST. JOHN'S, Antigua - Hundreds of people lined up to withdraw money from banks in Antigua and Caracas affiliated with Texas billionaire Allen Stanford, a day after the tycoon was charged with an $8 billion fraud.
The brash, 58-year-old financier's whereabouts remained unclear on Wednesday, a day after the U.S. Securities and Exchange Commission accused him of operating a fraud centered on the ...
Recession worry and housing gloom drag on stocks
NEW YORK - Stocks fell to three-month lows on Wednesday as investors confronted fresh signs that the recession is deepening after data showed the U.S. housing market deteriorated further last month.
News of the Obama administration's plan to stem foreclosures was met with skepticism, sending the Dow Jones home construction index down nearly 6 percent.
Investors worried the plan...
