New York, US – The jailed financier Bernard Madoff has been told that he is likely to be refused permission to attend his son’s funeral, after he recently was found hanging in his luxury New York apartment due to committing suicide. The Butner Federal Correctional Institution, North Carolina, has prison rules that inmates are only [...]
United Kingdom – Britain’s Financial Services Authority (FSA), are currently in a legal wrangle with the U.S over the failings to publish a report relating to the near collapse of Royal Bank of Scotland (RBS). Since the Scottish banking giant fell from its dizzying heights, Investors from across the Atlantic are battling for both full [...]
US – The Swiss bank UBS AG is currently facing a substantial lawsuit involving accusations of fraudulent activity with claims that many of their clients were freely ripped-off by financier Bernard Madoff, with little being done to prevent it over the course of two decades. Despite the global bank claiming that the allegations are simply [...]
UK – A recent boost in revenue for the car giant Jaguar Land Rover has paved the way for the opening of thousands of new jobs for the car manufacturing production process. The UK branch has already announced over 1,500 new positions. The company had previously planned to shut down at least three of its [...]
Facebook will be joining Google, Yahoo, Microsoft, Apple and others in establishing a data center in the state of North Carolina. Facebook has chosen Forest City, N.C. as the site for its second data center built from the ground up, the first located in Prineville, OR and scheduled to debut next year. Currently, Facebook is [...]
SEOUL, South Korea — The global financial meltdown is not far from the minds of global leaders and the business community as they mingled in various forums in and around the G20 summit. The two day meeting of the Group of 20 provided ample opportunity for corporate chiefs and political leaders to trade barbs at [...]
The Commerce Department figures show that the United States imported a total of $198.1 billion against exports of $154.1 billion in September. The $44 billion deficit is down from a $46.5 billion gap noted in August. Of the $46.5 billion, China accounted for $27.8 billion, a significant 60% of the total US trade deficit, though [...]
FRANKFURT — Germany’s gross domestic product will grow 2.2 percent next year, down from a 3.7 percent increase this year, notes the German council of economic experts. Their 400 page annual report released Wednesday paints a muted assessment of the economy, though in these times, this can be interpreted as a good thing given the [...]
For the latest Q3 profit report, General Motors had $34.1 billion revenue, with an overall net profit of $2-billion. The company hopes this report will encourage prospective investors to pick up GM shares when it returns to the stock market on Nov. 18. There is a $646-million profit from GM’s international region, where the Asian [...]
Slogans for anti-globalization are chanted in Seoul, South Korea’s capital, with thousands of protesters coming to rally during the Group of 20 Summit. The protesters tried to march further the streets, but riot police stopped them using pepper sprays. This week, South Korea is the host of G20, where developed countries’ leaders meet. Some of [...]
Next week, gold prices are expected to head to $1400 an ounce. As the US dollar loses its value, gold reached its highest price of $1,398 per ounce last Friday. This is considering the Federal Reserve’s continuous promotion of inflation. Gold has increased its price by 27.5% just this 2010, and it seems like it [...]
Yesterday, Microsoft announced its CEO Steve Ballmer’s plan in selling 75 million Microsoft shares. The plan aims to “gain financial diversification” and to “assist in tax planning before the end of the year,” according to them. Before this current sale, Ballmer owned 408 million shares. Ballmer stated that this is a “personal financial matter,” and [...]
The announcement of the $600 billion bond that the Federal Reserve will use to boost the US economy caused the world stock prices to go up and the US dollar to go down. The Federal Reserve stated its interest in buying $600 billion worth of government bonds on Thursday. This also caused oil prices to [...]
With a trio of market moving events scheduled for this week, Wall Street is bracing for what could be a short term disappointed, especially given the recent bull market. Fireworks begin on Tuesday with the midterm elections, followed by action on Wednesday when the Federal Reserve hashes out its plans for the economy and finally [...]
UK – Halloween analysts have revealed how business is booming over the period as over half of the population will buy something related to Halloween including sweets, chocolates and fancy dress accessories. Sales are expected to top £10million which will see more money spent at this time of the year than what is spent on [...]
Europe – To save the euro from a crisis almost brought on by the Greek debts situation, leaders from the European Union have made a deal on tough new budget rules. According to the European Council President Herman Van Rompuy, the Union “sealed a solid pact to strengthen the Euro.” It will give the EU [...]
World – Over 1.5 million cars have been recalled by car manufacturing giant Toyota to repair a brake fluid leak which can over a long period of time ruin the braking capabilities. The flaw in the braking system could cause the a leak of the brake fluid from the brake master cylinder which would in [...]
France – Hundreds of petrol stations across France have run dry prompting the French Leader Nicolas Sarkozy to send in police authorities to clear blockades at the country’s fuel depots. The trouble erupted over the latest pension reforms announced by the government which has sparked anger amongst the French citizens. According to the French interior [...]
England, UK – BAA has recorded a 7.6 percent growth for September compared to the same period last year as approximately 6.2 million passengers travelled through the terminals. Theses reports have made Heathrow the busiest airport in the world and have strengthened hopes for the revival of the currently dwindling air industry. The company have [...]
Manchester, England – Manchester United’s annual $122M (£80M) pre-tax loss has been reported by the club, as a result of reduced revenue from the selling of players and one-off finance fees. The debt is in contrast to the previous year of having profits of $73.4M (£48M) primarily because of the sale of the Portuguese International [...]
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