Business and Finance News

U.S. stocks close lower, Dow drops 121 points
Cincinnati News.Net
All the major indices lost ground Friday in a dismal end to the week.
Mortgage bill may face presidential veto
Cincinnati News.Net
The US House of Representatives has approved a bill designed to stem the tide of home foreclosures due to the subprime mortgage crisis.
Greenspan believes economy is stabilising
Cincinnati News.Net
Former Federal Reserve Chairman Alan Greenspan has said he believes the worst of the credit crisis is over.
Russian steel producer buys US factory
Cincinnati News.Net
Russia's largest steel producer Severstal has said it had finalised a deal to purchase the US-based Sparrows Point steel mill from ArcelorMittal for US$810 million.
Futures trading banned in India
Cincinnati News.Net
The Indian government has banned futures trading in four commodities to tame inflation.
Indian minister gives bio-fuels the thumbs down
Cincinnati News.Net
Indian Minister of State for External Affairs Anand Sharma has taken a dig at US president, George Bush, to emphasise his points on the global food crisis.
Airlines give bad online advice
Cincinnati News.Net
EU consumer protection officials have warned consumers that they are being defrauded by some online ticket sellers.
AIG posts huge loss after derivative writedowns
Cincinnati News.Net
The world's largest insurer, American International Group, has posted its largest ever quarterly loss.
Best Buy buys Carphone Warehouse
Cincinnati News.Net
America’s Best Buy brand will begin opening in the UK next year, to take on the European consumer electronics market with its new acquisition, Carphone Warehouse.
Hong Kong is wine lovers city
Cincinnati News.Net
Hong Kong's trade development body expects the Asian wine market to expand by 10-20 per cent over the next five years.
IMF downgrades economic forecasts
Cincinnati News.Net
The International Monetary Fund has adjusted its forecasts for the global economic growth in 2008 downward to below four percent.
Citigroup Aims To Eliminate $400 Billion In Non-Core Assets
Morning Star
... cut more than 15,000 jobs and several noncore businesses over the last 12 months. The bank also slashed its dividend by more than 40% in January, and some analysts have predicted Citi will need...
Pandit to reveal turnaround strategy for Citigroup
Cincinnati News.Net
Vikram Pandit, chief of the troubled Citigroup, is set to reveal his revival strategy to investors and he is expected to emphasise on the business model.
Boeing expects to be sued
Cincinnati News.Net
Boeing is expecting a compensation claim from Qatar Airways over a delay in the delivery of its 787 Dreamliner.
Microsoft to go its own way
Chicago Tribune
Google Inc. , since withdrawing a $47.5 billion bid for Yahoo Inc. last weekend.Analysts have been left wondering how the world's largest software maker will increase its share of that multibillion...
FedEx lowers 4Q earnings on higher fuel costs
Business Journal
... said Friday it was lowering its fourth quarter earnings due to the impact of rising fuel costs. Memphis-based FedEx said it now expects earnings to be in the range of $1.45 to $1.60 per diluted...
Jazz Pharmaceuticals to Present at Citigroup Healthcare Forum
RedOrbit
Posted on: Friday, 9 09:01 CDT PALO ALTO, Calif., /PRNewswire-FirstCall/ -- Jazz Pharmaceuticals, Inc. announced today that Samuel R. Saks, M.D., the company's Chief Executive...
US stocks fall amid credit turmoil
Breaking News.ie
Wall Street ended the week with a big decline as investors grappled with two of the biggest threats to the US economy: fallout from turmoil in the credit market and surging energy prices.Insurer...
Circuit City to open its books to Blockbuster
Reuters
Last month, Blockbuster disclosed that it offered to acquire Circuit City for $6 to $8 a share in February. But Circuit City responded that while it was open to pursuing further talks, it was...
Canada blocks sale of space tech firm
San Diego Union-Tribune
TORONTO &#8211; Canada confirmed Friday its decision to block a U.S. company's takeover of the space and satellite division of MacDonald, Dettwiler and Associates Ltd., Canada's leading space...
Wall Street Retreats As Oil Surges
WBZ
NEW &#8213; Wall Street retreated Friday as investors contended with wider-than-expected losses at insurer American International Group Inc. and another worrisome spike in oil prices. The...
Former Siemens CEO could face fines for lack of oversight
San Diego Union-Tribune
FRANKFURT, Germany &#8211; The former chief executive and board chairman at German industrial conglomerate Siemens could be fined for a violation of his oversight duties. Prosecutors said Friday...
American Eagle Outfitters CEO takes in $11.2 million in 2007
San Diego Union-Tribune
PHILADELPHIA &#8211; The chief executive of youth apparel retailer American Eagle Outfitters Inc. received a 7.6 percent cut in compensation for 2007 as the company's stock slumped, but he still...

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