News For Thursday Dec 4, 2008 News For Thursday Dec 4, 2008

Business Business

Air Berlin 3Q net profit rises 43 pct - Added 1 week ago

Air Berlin PLC said Thursday its earnings grew 43 percent in the third quarter as an efficiency program paid off, with sales rising even though passenger numbers decreased. Air Berlin _ Germany's second-largest airline...

SKorea posts record current account surplus - Added 1 week ago

South Korea posted a record current account surplus in October as imports decreased due to the sharp decline in crude oil prices, the Bank of Korea said Thursday. The surplus came in at $4.91 billion, the central bank...

Siemens signs euro200M Dubai transformer deal - Added 1 week ago

Industrial conglomerate Siemens AG said Thursday it has signed a euro200 million ($258 million) deal to supply two electric transformer substations to the Dubai Electricity and Water Authority. The company said the...

Norway increases loans for export financing - Added 1 week ago

Norway said Thursday it will lend 50 billion kroner ($7 billion) to the oil-rich nation's export credit agency Eksportfinans over the next two years to help industries such as shipbuilding through the credit crunch. The...

China police say tycoon under investigation - Added 1 week ago

Electrical appliance tycoon Wong Kwong-yu, one of China's wealthiest men, is under investigation for alleged involvement in economic crimes, police confirmed Thursday, ending several days of speculation regarding his...

China says impact of global crisis deepening - Added 1 week ago

China's top economic planner warned Thursday that the impact of the global financial crisis is worsening and said rising job losses could fuel instability. Beijing announced its biggest interest rate cut in 11 years on...

Red Cross asks donors for $940 million for 2009 - Added 1 week ago

The international Red Cross says it needs almost $940 million next year to help people caught in conflicts around the world. The neutral group says its budget for next year will be the highest since 2000. It says...

Euro rises on dollar to $1.2914 - Added 1 week ago

The euro rose against the dollar on Thursday, the Thanksgiving holiday in the U.S., as new data showed unemployment in Germany continuing to fall in November. The euro rose to $1.2914 in morning European trading from...

For stores, the holiday season may already be over - Added 1 week ago

The holiday shopping season begins Friday with a blitz of early morning specials. For some merchants, though, it's practically over already. Piles of jewelry, clothing and electric drills are bypassing store shelves...

IMF bailout funds reach Pakistan, boost rupee - Added 1 week ago

Pakistan received the first tranche of a $7.6 billion loan from the International Monetary Fund on Thursday, a bailout package aimed at stabilizing the economy as it fights soaring Islamist violence. The currency...

Japan stocks rise on hopes for global economy - Added 1 week ago

Optimism that a prolonged global economic downturn will be averted lifted Japanese stocks Thursday, following an aggressive interest rate cut in China and assurances by President-elect Barack Obama for a swift economic...

Singapore's Temasek cancels sale of power company - Added 1 week ago

Singapore's state-owned investment company Temasek Holdings Pte. Ltd. said it canceled an auction of electricity generator PowerSeraya Ltd. "We launched the tender process early last month based on indications of...

S.Korea to make first use of US currency swap deal - Added 1 week ago

The Bank of Korea said Thursday that local banks will have their first chance to utilize a currency swap deal with the U.S. Federal Reserve aimed at alleviating a dollar shortage caused by the global credit crunch. The...

US suspends Bolivian trade deal over drug war - Added 1 week ago

President George W. Bush is suspending a key trade pact with Bolivia, saying the South American country failed to cooperate with U.S. anti-drug efforts. Bolivia's participation in the Andean Trade Promotion and Drug...

US suspends Nicaraguan aid after disputed election - Added 1 week ago

The U.S. says it will freeze about $64 million in anti-poverty aid to Nicaragua amid accusations that local elections were fraudulent. Nicaragua dismissed the move on Wednesday, saying it could easily find aid...

Philippine economy slows to 4.6 pct in 3rd quarter - Added 1 week ago

The Philippine economy grew a sluggish 4.6 percent in the third quarter, slumping from 7.1 percent last year, after being "damaged but not quite ravaged" by the global financial crisis, the government said Thursday. ...

Venezuela, Russia say oil prices must stabilize - Added 1 week ago

Venezuela will support OPEC oil production cuts until prices increase, Oil Minister Rafael Ramirez said Wednesday. During a visit by Russian President Dmitry Medvedev, he said Venezuela will support OPEC production...

Beijing gives carrier Southern Airlines $440 mln - Added 1 week ago

China Southern Airlines said it will get a 3 billion yuan ($440 million) capital injection from the government, intended to tide the major carrier through a financial crisis. The airline, which suspended its shares...

Argentine economic aid package gets mixed review - Added 1 week ago

President Cristina Fernandez on Wednesday sent lawmakers a bill to lure investment back home and put taxes into government coffers, but analysts said it may do little to help Argentina overcome the global economic...

BHP says it is well placed to survive crisis - Added 1 week ago

Mining giant BHP Billiton Ltd. said Thursday it was better placed than its rivals to survive the global financial crisis, but warned it was not immune to its effects, including an expected 17 percent downturn in Chinese...

Chrysler says CEO won't take corporate jet to DC - Added 1 week ago

Chrysler LLC says Chief Executive Robert Nardelli will not fly on a corporate jet when he returns to Washington next week for Congressional hearings on government loans for the auto industry. Spokeswoman Lori McTavish...

Pilgrim's Pride receives third waiver from lenders - Added 1 week ago

Troubled chicken processor Pilgrim's Pride Corp. said Wednesday it reached an agreement with its lenders to extend its credit lines until Monday. The Thanksgiving reprieve allows the company to avoid filing for...

BCE deal may be in jeopardy due to solvency issues - Added 1 week ago

The largest leveraged buyout in history is unlikely to close after the Canadian telecom company BCE Inc. said Wednesday an audit has found the proposed $35 billion deal to take the company private may not meet solvency...

Tiffany 3Q profit beats view, but outlook lowered - Added 1 week ago

Tiffany & Co. on Wednesday reported third-quarter earnings that topped Wall Street expectations, but the luxury goods retailer warned of job cuts and lowered its 2008 outlook as consumers scale back on spending amid...

Black Friday could be black for another reason - Added 1 week ago

Black Friday _ which falls on the day after Thanksgiving and officially starts the holiday shopping period _ received its name because it historically was the day when a surge of shoppers helped stores break into...

Mortgage rates fall for 2nd day; won't help all - Added 1 week ago

Mortgage rates fell for the second day in a row Wednesday, and could be heading toward levels home buyers and owners haven't seen this year. That drop is what the Federal Reserve was aiming for when it announced a plan...

Meltdown 101: Why Fed can easily offer money help - Added 1 week ago

The Bush administration had to strive mightily to win congressional approval of a $700 billion rescue package for the financial system. Now, with no muss and no fuss, the Federal Reserve has announced an even bigger...

Retailers tout freebies, coupons to lure shoppers - Added 1 week ago

Just in case massive markdowns aren't enough to convince shoppers to fork over cash for presents on Black Friday, some retailers are hoping to woo shoppers with freebies and coupons. Friday is the traditional start of...

Gold prices fall, other commodities rise - Added 1 week ago

Gold prices fell Wednesday on investors' continuing concerns about a drop in demand, but other commodities rose, buoyed by a sustained advance on Wall Street. Commodities prices have largely been tied to the direction...

Deere 4Q falls on weaker consumer sales, expenses - Added 1 week ago

Deere & Co.'s quarterly profit fell 18 percent as weaker results in its small equipment and credit divisions, coupled with higher expenses, overwhelmed strong sales of farm machinery. The world's largest maker of...

Dow, S&P 500 clinch 4th straight winning session - Added 1 week ago

A stock market gaining confidence in the nation's financial system bolted higher Wednesday, propelling the Dow Jones industrials and Standard & Poor's 500 index to their first four-day advance since last spring. ...

Falling exports to curb Peru growth in 2009 - Added 1 week ago

Chief Cabinet minister Yehude Simon says the global downturn will curb the sale of Peruvian exports, the engine behind the Andean nation's recent economic boom. Simon says prices for Peru's principal exports will...

World stocks mixed in wake of upturn in US stocks - Added 1 week ago

World stocks ended mixed Wednesday after an afternoon rally on Wall Street lifted Latin American markets but did not come soon enough to give direction to European shares. Asian stocks closed mostly higher, with the...

Big-box Christmas trees replacing saws and snow - Added 1 week ago

As Christmas traditions go, this one's big. Every year, the Proeber family traipses through the fields of central Illinois searching for the perfect Christmas tree before breaking out the saw, tying their selection to...

Deere, Tiffany, Hormel Foods big movers - Added 1 week ago

Stocks that moved substantially or traded heavily Wednesday on the New York Stock Exchange and the Nasdaq Stock Market: NYSE Deere & Co., up $2.66 at $35.76 Profit fell 18 percent as weakness in the small...

Mortgage rates dip for fourth straight week - Added 1 week ago

Rates on 30-year mortgages sank for a fourth straight week, falling below 6 percent for the first time since early October, and are heading lower due to the government's massive new effort to aid the U.S. housing...

Credit still crunched even as mortgage rates fall - Added 1 week ago

Mortgage rates sank again Wednesday, but investors are worried that getting a loan will still be a tough feat. The credit markets, while not as crunched as they were last week ahead of the rescue of Citigroup Inc. and...

Agriculture futures trade higher on CBOT - Added 1 week ago

Agriculture futures were higher Wednesday on the Chicago Board of Trade. Wheat for December delivery rose 1.5 cents to $5.355 a bushel; December corn gained 0.5 cent to $3.54 a bushel; December oats rose 3.75 cents to...

Cerberus claims it was misled in deal for Chrysler - Added 1 week ago

Relations between Chrysler's current and former owners turned ugly Wednesday when private equity firm Cerberus Capital Management LP accused Daimler AG of "intentionally and materially" misleading Cerberus before the...

Chavez: Latin America should abandon IDB - Added 1 week ago

President Hugo Chavez is urging his leftist allies in Latin America and the Caribbean to stop seeking loans from the Inter-American Development Bank. Chavez claims the United States uses the Washington-based bank to...

Deep discounts show financial strain for retailers - Added 1 week ago

The nation's stores are slashing prices on holiday goods up to 70 percent, and some are sending holiday goods straight to liquidators in moves that typically happen after Dec. 25. WHY THE EXTREME MEASURES?: Stores are...

FDIC to allow non-banks bid for troubled banks - Added 1 week ago

Non-banks will soon be able to bid for banks on the verge of collapse _ a change that should not only keep more troubled banks from failing, but also benefit companies looking to get funding through deposits and the...

Paris Club of creditors discloses IOU list - Added 1 week ago

The Paris Club of creditor nations disclosed Wednesday for the first time how much it is owed and by whom _ with emerging giants China and India high on its list of debtors. In a statement on its Web site, the Paris...

For stores, the holiday season may already be over - Added 1 week ago

The holiday shopping season begins Friday with a blitz of early morning specials. For some merchants, though, it's practically over already. Piles of jewelry, clothing and electric drills are bypassing store shelves...

Christmas tree facts and figures - Added 1 week ago

The percentage of trees bought from chain stores has been steadily growing over the past four years, according to the National Christmas Tree Association. Here are some Christmas tree facts: Where trees were bought...

Gift cards may be losing their luster - Added 1 week ago

Gift cards _ the once-hot item stores could count on _ appear to be losing some cachet amid a deteriorating economy and shoppers' lack of confidence in merchants. And that's another big worry for retailers who...

More Americans stay home for the holidays - Added 1 week ago

Travelers breezed through airport terminals Wednesday and drivers cruised open roads, the effects of a sour economy blamed for keeping people closer to home at the start of the annual Thanksgiving rush. Even though gas...

China slashes interest rates hoping to spur growth - Added 1 week ago

China announced its biggest interest rate cut in 11 years on Wednesday to spur private borrowing and support a multibillion-dollar stimulus package to boost slowing economic growth. The European Union's administrative...

EU proposes 2-year euro200 bn economic stimulus plan - Added 1 week ago

The European Commission urged EU governments Wednesday to jointly combat the economic slowdown with euro200 billion (US$256.22 billion) in spending and tax cuts to boost growth and consumer and business confidence. If...

EU to donate up to euro30 million to Cuba in '09 - Added 1 week ago

The European Union on Wednesday agreed to donate up to euro30 million ($38.7 million) to Cuba next year for hurricane relief and improvements in food production. But a top European suggested that the island's human...