London share index rises 0.5 percent
On Wednesday, London stocks closed slightly higher than expected despite the doubts and skepticism of worldwide investors of the viability of the U.S. governments' latest rescue plan for the struggling financial industry.
Google PowerMeter to measure power consumption
The Mountain View, California Web giant Google has developed a new tool called Google PowerMeter which will allow consumers to track their household energy consumption.
Utility presents plan for $773M solar power project in New Jersey
A utility company in New Jersey with more than 2 million customers is asking approval for a $773 million project to implement a solar energy program to provide electricity to the communities and costumers it serves.
Bank execs defend use of bailout fund to Congress
The lawmakers of House Financial Service Committee on Wednesday are holding a hearing with chief executive officers of eight banks that received injections of capital from the government's Troubled Asset Relief Program.
Merrill blasted for $121 million to top four bonus recipients
Merrill Lynch & Co. is reported to have given out a combined $121 million bonuses to the four top executives just before the firm was acquired by Bank of America Corp., according to New York Attorney General Andrew Cuomo.
BlackBerry-maker RIM sees 4Q at forecast's low end
Research In Motion Ltd. Said Wednesday it expects fourth-quarter revenue to be at or near the midpoint of its previously forecasted range, in spite of reporting a 20 percent growth in subscribers in December.
Nokia to cut production as phone market dives
Cellphone maker Nokia said on Wednesday it would cut production at its key Salo plant in Finland as demand for handsets has dropped.
Twenty killed in suicide attacks in Afghanistan
On Wednesday eight Taliban gunmen wearing suicide vests attacked three Afghan government buildings killing twenty people.
World stocks tumble as investors doubt U.S. bank plan
On Wednesday world markets fell following a steep sell-off on Wall Street as investors doubted the viability of the U.S. governments' latest rescue plan for the struggling financial industry with as much as $2 trillion in funding.
JP Morgan's CEO calls for modernizing regulation
JP Morgan Chase chief Executive Jamie Dimon will call for regulatory modernization as a necessary component of long-term recovery for the economy. He notes there is an immediate need for a systemic risk regulator which will be able to track financial businesses across the banking, securities and insurance businesses instead of the current fragmented system.
OzForex Daily Commentary - Feb 11
Australian Dollar: The Aussie dollar pulled back from its early morning highs around 68 cents to find an intraday low at 0.6675 in Asia yesterday before entering the offshore session at 0.6715.
Stimulus one Step Closer as Senate Approves Plan
President Obama's economic stimulus package was one step closer to becoming law on Tuesday after the Senate voted to pass its version of the bill. Lawmakers must now reconcile the Senate bill, which passed 61-6k with the House version to send it to the President for his signature.
Israeli's vote in close election race
On Tuesday, despite the stormy weather in Tel Aviv, Israelis set out to vote in a closely contested election between right-wing leader Benjamin Netanyahu and the centrist Kadima party of Foreign Minister Tzipi Livni.
Freestyle motocross racer Jeremy Lusk dies
American freestyle motocross racer, Jeremy Lusk, 24, died from head injuries after crashing while trying to land a backflip in competition Tuesday in Costa Rica.
1937 Bugatti Found in Garage after 50 Years Sells for $4.53 Million
A 1937 Bugatti sports car that was found in an English doctor's garage for almost 50 years was sold at an auction in Paris on Feb. 7, for about $4.4 million, the associated press reports reported.
Google PowerMeter to cut electricity bill by $180 a year
Google announced a new service on Tuesday that helps consumers track their personal electricity usage, and could help lower a household's electricity bill as much as $180 a year.
Merrill Lynch's co-head exits
On Tuesday the co-head of UK corporate broking firm, Merrill Lynch, announced his resignation with effect from end of April.
Oil nears $42 as markets focus on U.S. stimulus
Oil prices approach $42 as investors eyed an $800 billion-plus U.S. stimulus package aimed at increasing oil demand.
Mobile TV to hit 500m viewers in 4 years
While mobile broadcast TV was pioneered in Japan and South Korea, following the switchover to all-digital TV, traditional and mobile TV broadcasters in many regions will launch mobile TV services that are forecast to attract over 500 million viewers by 2013, according to new research.
Full text of Geithner's speech on bank plan
The following are the prepared remarks from a speech US Treasury Secretary Timothy Geithner delivered on financial stability, as released by the Treasury.
Social websites seal EU deal to protect children online
The European Union is clamping down on cyber bullying by signing a pact with 17 social networking providers including Facebook, MySpace and Google in a move to safeguard children online.
Bank bailout gets overhaul
The Obama administration, through the Treasury Department, unveiled a renamed three part Financial Stability Plan to allow currently immobilized parts of the U.S financial industry to allow the flow of money to begin with support from the Federal government.
UBS to slash jobs after $7 billion loss
UBS AG, Switzerland's largest bank, announced on Tuesday the highest annual loss in Swiss corporate history and plans to cut a further 2,000 investment banking jobs.
Intel invests $7 Bln in faster, smaller chips
Intel Corp., the world's largest chip maker, plans to spend $7 billion upgrading its U.S. factories over the next two years in spite of tough economic conditions, the company said Tuesday.
GM cuts 10,000 jobs
General Motors said on Tuesday that it will cut its global work force by nearly 10,000, or 14 percent, this year and impose pay cuts on most of the remaining jobs
Obama says new energy technology key to economic future
President Barack Obama urged Monday for more investment in new energy technologies such as solar, wind or hydrothermal, saying that is the way the United States can win the economic competition of the future.
U.S. Wrestles Economic Crisis with Jobs, Tax Cuts, Bank Bailout
The U.S. government's efforts to combat a declining economy and a financial industry burdened with heavy debts is reaching its climax this week as President Obama Barack Obama and Congress will put into motion plans to create or maintain jobs, provide tax cuts to consumers and businesses while making an attempt to free up the credit markets.
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World's Wackiest Theme Cruises
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IBM unveils cloud computing strategy
IBM unveiled Tuesday its cloud computing technology, which stores information and runs applications in shared computing facilities to users over the Internet, and announced the new head of the cloud computing division.