Category Archives: Business

Australian dollar falls to six-year low amid economic turbulence

Lower commodities prices and bond yields, slower growth in China and narrowing interest rate differentials all contributed to the fallOngoing global economic worries have pushed the Australian dollar to a fresh six-year low.The Aussie is currently buyi…
Continue reading

Related posts:

  1. Tony Abbott says cruise operator’s claim of advice to sack Australian staff ‘untrue’
  2. Stock markets surge for second day running after Black Monday losses
  3. Wall Street surges as turbulence becomes the norm
Posted in Australia news, Australian economy, Business, Currencies, Economics, European Central Bank, Federal Reserve, World news | Comments Off

Brazil’s former presidential chief of staff charged with corruption

José Dirceu accused over alleged involvement in massive fraud involving state-owned oil company Petrobras

Federal prosecutors on Friday filed corruption, racketeering and money-laundering charges against José Dirceu, Brazil’s former presidential chief of staff, for his alleged involvement in a massive fraud involving state-owned oil company Petrobras.

Sixteen other people were also charged, including João Vaccari Neto, the former treasurer of Brazil’s governing Workers’ party and Renato de Souza Duque, Petrobras’s former head of corporate services.

Continue reading…



Continue reading

Related posts:

  1. Wyndham Hotel Group Opens First Airport TRYP by Wyndham Hotel In Brazil For International Travelers
  2. Can corruption be wiped out in Guatemala?
  3. Azerbaijan jails prominent anti-corruption journalist
Posted in Americas, Brazil, Business, Oil, World news | Comments Off

Stock markets slide after ‘mixed-bag’ US jobs report – live updates

173,000 new jobs were created in America in August, fewer than expected, giving few clues into when the Fed might raise rates

5.30pm BST

Another volatile week finished with further woe for investors. Among the day’s data, German factory orders fell 1.4% month on month in July, but the big event was the US non-farm payroll numbers. As it turned out the headline figure disappointed, with 173,000 jobs added in August compared with the 220,000 or so expected. But the unemployment rate dipped to 5.1% and hourly wages were steady, so there were few clues as to whether the US Federal Reserve would raise interest rates this month or not.

Despite the turmoil caused by worries about China, many analysts believed there was nothing in the jobs data to prevent an increase. Equally, many others believed the Fed would keep its powder dry. The markets seemed to side with the hawks, especially since just before the figures were released, Richmond Fed president Jeffrey Lacker said the non-farm numbers should not derail the case for a rate rise.

4.58pm BST

Meanwhile Moody’s has downgraded the senior debt ratings of four Greek banks to C, in the expectation that holders will suffer losses in the forthcoming recapitalisations. It said:

The downgrade…primarily reflects Moody’s expectation that junior and senior debt holders will be bailed in and sustain material losses as part of the upcoming recapitalisation process…

Although Moody’s expects uninsured depositors to be excluded from bail-in, as indicated by a recent Eurogroup statement, the negative outlook reflects the ratings agency’s opinion that the recapitalisation process remains fluid and banks continue to face significant credit risks.

Continue reading…



Continue reading

Related posts:

  1. Wall Street higher after jobs data but markets remain volatile – business live
  2. US markets plunge as Chinese economy fears revive global jitters
Posted in Business, Economics, Euro, Eurozone crisis, Stock markets, US economy, World news | Comments Off

AstraZeneca heart disease drug gets wider FDA approval

US Food and Drug Administration approval comes a week after European heart experts endorsed the longer-term use of BrilintaAstraZeneca received a much-needed boost when its blood-thinning drug, Brilinta, a potential blockbuster, was approved by the US …
Continue reading

Related posts:

  1. Obama’s approval of Arctic drilling ‘undermines his climate message’
  2. Africa: India’s Generic Drug Wars and What it Means for Africa
  3. Briton Scott Stammers pleads guilty to North Korean drug smuggling plot
Posted in AstraZeneca, Business, Heart attack, Pharmaceuticals industry, Science, Society, US news, World news | Comments Off

ECB press conference: Draghi slashes forecasts and hints at fresh stimulus measures – live

Mario Draghi marks his birthday by cutting the ECB’s inflation forecasts and hinting at more QE to tackle low inflation

2.20pm BST

Can the ECB do anything to address the refugee crisis that is unfolding in Europe?

Draghi replies that:

“Any European should be horrified by the tragic loss of life on our doorstep. [But] the ECB simply doesn’t have any democratic mandate to act in this sphere”.

2.14pm BST

Is the worst of the market turbulence over, or does the ECB expect more volatility?

Draghi says we must wait to see whether the last few weeks is short-term volatility, or permanent volatility. The latter would increase risk premia, and mean that today’s forecasts on growth and inflation may be too optimistic.

Draghi: “Inflation expectations have been pretty volatile: they went down then went up”. Could be EM, could be risk premium went up.

Continue reading…



Continue reading

Related posts:

  1. Wall Street higher after jobs data but markets remain volatile – business live
Posted in Business, Economics, Europe, European Central Bank, eurozone, mario draghi, World news | Comments Off

Migrants targeting UK bound passenger trains taking ever greater risks

As Eurostar train delayed by people on roof finally arrives, Eurotunnel reports increased security is resulting in more desperate tacticsPeople who are taking ever greater risks to reach Britain from Calais have targeted UK-bound passenger trains for t…
Continue reading

Related posts:

  1. Eurostar service suspended after people seen on tracks near Calais
  2. Chaos at Hungary Train Station as Migrants Remain Stranded
  3. Trains carrying refugees reach Germany as EU asylum checks collapse
Posted in Business, Calais, Channel Tunnel, Eurostar, Migration, Rail transport, Transport, Travel, UK news, World news | Comments Off

Thousands of tenants ‘suffering abuse’ from private landlords

Housing charity Shelter says 17,000 renters have called its helpline during the last year with complaints including harassment, threats and assaultsThousands of private tenants have suffered abuse at the hands of landlords, including harassment, threat…
Continue reading

Related posts:

  1. Central African Republic: Clashes Force Thousands to Seek Refuge in CAR
  2. Geelong Grammar ‘more worried about scandal than abuse in hypnosis’
Posted in Business, Communities, Housing, Housing market, Money, Property, Real estate, Renting property, Society, UK news, World news | Comments Off

US stock markets off more than 2.8% at close as China’s troubles spread west – as it happened

IMF chief fears ‘bumpy’ ride and warns that global growth is weaker than hoped, as China’s manufacturing shrinks at fastest rate since 2012

9.25pm BST

A long day of down selling without much respite across the globe has ended with the US’s Dow Jones Industrial Average stock index closing down lower in a single day than it has since the country’s national debt was downgraded by Standard & Poor’s. The Nikkei lost a full 3.8% today and the FTSE lost 3.03%, with other European markets faring poorly as well.

The bad news that appears to have kicked off the crunch comes primarily from the Chinese manufacturing sector, which was lower Monday than it has been in three years. Those specific economic woes aren’t solely Chinese: the French manufacturing sector contracted at a faster rate in August than it had the month prior, and growth in US manufacturing has slowed, as well.

9.06pm BST

The Dow, the Nasdaq and the S&P 500 all closed far below their opening prices today after a day of panicked selling of a kind not seen since Black Monday 2011.

Continue reading…



Continue reading

No related posts.

Posted in Business, China, Eurozone crisis, Financial crisis, Stock markets, World news | Comments Off

US markets plunge as Chinese economy fears revive global jitters

Dow Jones loses more than 450 points, or 2.8%, at closing bell in sell-off that came after more signs of weakness in China’s economy

World stock markets got off to a rocky start in September closing sharply down on fears that China’s slowing economy will hurt economies across the globe.

In the US all the major indices closed down, the second fall of the week, following similar falls in Europe and Asia. The Dow Jones Industrial Average closed down 2.8% at 469 points, the S&P 500 closed down 2.95% and the Nasdaq down 2.95%. US stocks are on course for their worst performance since the end of 2011.

Continue reading…



Continue reading

Related posts:

  1. Hermès reports 20% jump in income despite slowing Chinese economy
Posted in Business, chinese economy, Dow Jones, Global economy, Stock markets, US markets, US news, World news | Comments Off

Chinese financial reporter makes on-air ‘confesssion’ after market chaos

Accused of spreading fake information, Wang Xiaolu detained over stock market story published at sensitive time

A journalist from one of China’s top financial magazines has been paraded on state television to make an on-air “confession” for supposedly triggering stock market chaos with his reporting.

Wang Xiaolu, a business reporter for Caijing, was detained last Tuesday after writing a story that claimed China’s securities regulator was pondering ending interventions aimed at stabilising the stock market.

Continue reading…



Continue reading

No related posts.

Posted in Asia Pacific, Business, Censorship, China, Stock markets, World news | Comments Off