Toyota recalled 681,500 cars in the US due to safety concerns. The company recalled 116,000 Venza and 70,500 Camry cars as some parts may lead to starting difficulties. 495,000 Tacoma cars were also recalled because of problems with air bags. At the moment, the company is waiting for repair parts and will inform the owners when the vehicles are ready
Eurostar faced an essential increase in sales in February as the number of passengers surged by 2% attaining 9.7 million. Considering yearly changes, the sales soared by 6% approaching 803 million British Pounds in 2011. Currently passengers from emerging economies like China and Brazil account for about 9% of the total number of visitors. However, the number of business visitors
The Reserve Bank of New Zealand held its key interest rate steady for the eight month in line. The interest rate was kept at 2.50% this month as sustained appreciation of the New Zealand currency eliminated the need for increasing core interest rate. After the announcement, the New Zealand Dollar posted gains against the greenback and NZD/USD traded at 0.8213,
China's car sales fell by 1.4% in the period between January and March 2012 amid soaring fuel prices. However, on an annualized rate automobile sales jumped by 22.3% during January and February. Fuel prices attained a new record continuing to create a pressure on the car customers.
Crude oil futures were lower during the Asian trade on Thursday after jumping on the positive US labour market data. The looming deadline of the Greek debt swap also continued to impact the market. Light, sweet crude oil futures for April delivery traded at 105.97 US Dollars per barrel on the New York Mercantile Exchange, losing 0.18%.
The manufacturing volume in New Zealand increased by 1.3%, approaching 260 million US Dollars in December, according to Statistics New Zealand. The manufacturing activity got a spree due to sharply rising output of daily products for export. The output of dairy products and meat expanded by 6.3% in December.
China's home prices are expected to fall this year but the bubble of the sector is not expected, said Li Daokui adviser to China's central bank. In January property prices dropped in 48 out of 70 main cities, reported the NBS. However, the government continued its prudent policies aimed at stabilizing housing prices. Tightening of the housing market is a
Gold futures advanced during the Asian session on Thursday as market sentiment improved on the positive US labour market data and on the belief that Greece will manage to agree with private creditors on debt restructuring. COMEX gold April contract traded at 1,685.85 US Dollars per troy ounce on the New York Mercantile Exchange, gaining 0.12%.
The jobless rate in Australia increased to 5.2% in February as businesses cut above 5,000 jobs. The rise in unemployment rate met the initial forecasts, reported Australian Bureau of Statistics. The deteriorating labour market may create a stimulus for further interest rate cut. On Tuesday, the RBA held the interest rate unchanged at 4.25%.
Greece has to agree with private bondholders on the debt swap deal until 20:00 GMT on Thursday otherwise the country will fail to fulfill its financial obligations and may leave the Euro Zone. Greece has to agree on the 53.5% reduction in the current debt with not less than 75% of the private investors. Moreover, creditors were asked to lower
Carlos Slim has been announced as the richest billionaire for the third consecutive year, reported Forbes magazine. Forbes estimated his assets that vary from construction to telecommunications as 69 billion US Dollars. Bill Gates took the second place with 61 billion US Dollars and Warren Buffet was the third with 44 billion US Dollars.
Japan has announced a record wide trade deficit of 5.4 billion US Dollars in January, according to the Ministry of Finance. The fall in the current account was mostly attributed to the growing energy imports coupled with uncertain economic recovery of the country. However, the GDP growth for last quarter of 2011 was revised up on Thursday. Japan's economy contracted
Natural gas price moved down, hitting the new low as market sentiment remained bearish amid soft weather forecasts in the US and elevated inventory level. Natural gas April contract traded at 2.307 US Dollars per million British thermal units at the US session, on the New York Mercantile Exchange, falling by 2.1%.
Adidas reported record high profits for 2011 ahead of Olympics due in 2012 that is expected to push the income even higher. The company announced 18% surge in net income for the last year. The total profit approached 671 million Euros mainly due to soaring sales in China and Eastern Europe in Q4. In total Adidas sales grew by 13%
More private bond holds have agreed on the Greece's debt swap. Currently about 39.3% of private lenders opt for voluntary debt exchange. However, at least 75% of all investors have to sign up to the deal to enable Greece to avoid default and stay in the Euro Zone. Creditors can agree on the debt swap only until 20:00 GMT on
Rural commodity futures declined on Tuesday on the negative global economic outlook. Stronger US Dollar also weighed on the group. Grain commodities lost spree provided by the lift in the soybean futures due to firm China's demand. Further, eased worries over South American crop conditions pushed grain prices down. Sugar lost 2.55% over the day as it came under additional
Energy markets were mostly lower on Tuesday on the firm US Dollar and demand concerns. Decline in Euro Zone's GDP, lower than expected GDP expansion in Australia and lower economic growth target in China all weighted down on the commodity group. Moreover, supply side worries that pushed oil prices to several months high vanished. Iran allowed UN nuclear agency to
Base metals tumbled on Tuesday along with broadly stronger US Dollar and weaker equities. Industry metals were also pressured by disappointing GDP data from the EU and Australia that added to concerns over the global stagnation. Moreover, recent cut of China's economic expansion weighted down on the base metals pack. Aluminium continued to fluctuate on the high stockpiles at Shanghai
Precious metals moved down on Tuesday amid appreciating US Dollar and lingering concerns over the Euro Zone debt crisis. Weaker equities also added to losses. Traders switched from commodities to the greenback as risk appetite was dampened after negative economic data. Moreover, the OECD reported lower than expected inflation rate that created pressure on traditional inflation hedges. Moreover, the commodity
After a sharp fall of 3.4% yesterday, German DAX index recovered on Wednesday, led by banks. Commerzbank advanced 2.9% and Deutsche Bank soared 1.2%. Henkel AG gained 0.9% after Goldman Sachs raised stock's rating from neutral to buy before company's earnings report due Thursday. On the downside Adidas AG lost 2.3% after reporting profit that missed analysts predictions. RWE AG
After a rapid drop of 1.9% in previous session, British FTSE 100 index retreated and climbed 0.5% on Wednesday as investors awaited results of a Greek debt swap agreement. Mining sectors recovered from losses with Kazakhmys PLC adding 2.6% and Eurasian Natural Resources Corp gaining 2.3%. Admiral Group PLC jumped 10% on better than expected pre-tax profit for 2011. On
Germany's factory orders unexpectedly slipped in January as overseas demand for machinery and similar investment goods fell. Factory orders lost 2.7% compared to a 1.6% gain in December, said Economy Ministry. Economists questioned by Bloomberg earlier predicted an 0.6% increase. On yearly basis orders have dropped 4.9%. Euro erased morning gains on report.
Asian markets showed a weak performance on Wednesday led by resource stocks and banks as investors remained concerned about possible outcome of Greek swap deal. Australia's S&P/ASX 200 index fell 1.5%, Hong Kong's Hang Seng index declined 0.9% and Japan's Nikkei Stock Average lost 0.6%. South Korea's Kospi slipped 0.9% and China's Shanghai Composite shed 0.7%.
Hong Kong's Hang Seng index prolonged its downward trend on Wednesday as fears about possible Greece's financial collapse and global slowdown returned. Hang Seng index lost 0.86% or 178.47 points and closed at 20,627.78. China Life Insurance tumbled 6.5% after the firm released a profit warning. Worries about global growth pressed commodities with China Coal Energy giving up 1% and