Tepco shares sink on the probable nationalization

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Source: BBC

Tepco shares tumbled on the Tokyo Stock Exchange on the worries that company may be nationalized. The company applied to the government for provision of additional 690bn Yen to pay compensation to the victims of disaster at Fukushima plant. The country plans to take temporary control over Tepco to ease company's  financial problems. Following the news, shares of the company fell by 15% to 180 Yen.

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Wed, 28 Dec 2011 09:17:03 GMT

Crude oil futures erase gains

Crude oil futures fell after strong gains on the Iranian and Syrian supply threat and stronger consumer confidence in the US. Syrian oil production already dropped by 35% on sanctions imposed due to country's crackdown of the protestors. Crude oil futures for February delivery traded at USD101.17 a barrel on the New York Mercantile Exchange, easing down 0.17%.

Wed, 28 Dec 2011 09:14:50 GMT

Japan pact may make Yuan a new reserve currency

Japan and China have reached an agreement that stipulates Japan to hold China's bonds as a part of the country's foreign-exchange reserves. Japan will buy about $500 million worth China's sovereign bonds in 2012 thus adding to the Yuan status of reserve currency, reported Societe Generale. The move will diversify foreign-exchange reserves away from the USD, the French bank added.

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