Ecuador's court supports the claim that Chevron has to pay $18.2bn instead of $8.6bn previously agreed as compensation for Amazon oil pollution. The company denies accusations. Initially, Texaco was charged for dumping toxic waste in Ecuadorean Amazon but in 2011 Chevron took over Texaco.
Ireland's real estate prices fell to the lowest level since 2000. Home prices in Dublin lost 65% in the last five years with 60% price decline across country over the period. The house price index indicates the net worth of property nationally declined by about 58.8% since 2006. The market is in the freefall with accelerating deflation pace and lack of mortgage availability, said Marian
Qingdao Kingking Group will provide $100 million to develop copper and gold mines worldwide over the next three years. The company plans to purchase 100 square kilometers mine in Mozambique. The company's CEO explains that many European companies, which invest heavily in African energy projects, have faced difficulties due to recession thus providing China with an opportunity to invest in natural resources there.
US Fed announced it plans to publish interest rates projections to improve transparency in the central bank. The move will allow the public to see how the Fed expects the rates to fluctuate in future. The Fed will include the data on the projected interest rates into the economic outlooks with the first release on 25 January.
Gulf airlines faced less optimistic growth in 2011 due to global slowdown that made the expansion of the industry more complicated and caused delays in deliveries. Surging oil prices and tensions in the Middle-East weighted on the companies' income. Despite challenges, carriers managed to expand last year but taken cooling demand in 2012 the companies' wellbeing is likely to suffer. The industry growth pace slowed
China is likely to experience power shortfalls in 2012 with coal prices increasing after expiration of the government control. Experts predict energy shortage to vary in a range between 8 million kW and 14 million kW. Some analysts claim the increase of the government's coal price ceiling will cause a surge in coal prices while some believe further intervention in the market by continuation of
Natural gas prices dropped below USD3.00 per million British thermal units as increasing inventory level persists to impact market sentiment. Natural gas futures for February delivery traded at USD2.968 per million British thermal units at the early US trade on Tuesday, on the New York Mercantile Exchange, losing 0.15%.
Natural gas prices dropped below USD3.00 per million British thermal units as increasing inventory level persists to impact market sentiment. Natural gas futures for February delivery traded at USD2.968 per million British thermal units at the early US trade on Tuesday, on the New York Mercantile Exchange, losing 0.15%.
Swiss bank dismissed an employee who leaked confidential data on currency deals of the wife of the Swiss National Bank president. The employee who worked as IT specialist admitted his guilt. The Bank Sarasin expressed its regret about the situation and apologized for unpleasantness for clients. The incident caused political scandal in Switzerland as it indicated how wife of SNB President Philipp Hildebrand benefited from
Indonesia was the only emerging stock market that saw real gains last year. The world saw a 20% decline in MSCI and downturn in the developed economies. Indonesia saw surging growth last year supported by rising commodity prices. Moreover, the country returned its credit rating that was downgraded in 1997 during the Asian crisis.
Mitt Romney has won lowa Republican caucuses on Wednesday morning, said the chairman of Republican Party. Romney's victory was a stimulus to his campaign aimed at Republican presidential nomination. Romney got only eight votes more than Rick Santorum and he did not receive the decisive win as expected.
China's Yuan appreciated by 8 basis points against the USD and hit the record level of 6.3001, reported China Foreign Exchange Trading System. On China's foreign exchange spot market the Yuan is permitted to advance or decrease by 0.5% from central parity rate during each trading day.
Next announced its sales during autumn and pre-Christmas time met the target as they were supported by strongly performed online business. The sales between August and the end of December increased by 3.1% on a yearly basis despite an increase in the VAT. Online sales of Next increased by 16.9% in the period and the company expects ВЈ565m yearly profit.
Gold futures approached two-weeks high on the hopes for Fed decision on QE and increased tensions over the Iranian nuclear programme. COMEX gold futures for delivery in February traded at USD1,613.85 a troy ounce during the morning European session, on the New York Mercantile Exchange, jumping 0.83% from yesterday's close.
Sinopec Group announced it will buy one third of Devron interest in five ventures in the US for 2.2 billion US dollars. The company will gain one-third interest in Mississippian, Niobrara, Utica Ohio, Tuscaloosa and Utica Michigan. The companies aim to generate energy from shale deposits and expect to drill more than 125 gross wells this year.
Greece and other troubled Euro Zone economies will face long period of recovery even if they succeed in debt restructuring. The prospects of staying in the Euro Zone appear so dismal that they would better exit the common currency union even despite exorbitant leaving costs. Fiscal devaluation looks more preferable than remaining in the Euro Zone as it would give country control over monetary policies
Vernalis PLC announced it started collaboration with Roche Holding AG's unit Genentech in new drug discovery. Neither financial information of the deal nor any other details on planned drug discovery were provided. Vernalis focuses on curing diseases related to cancer and nervous system and said it will use the partnership to fund the research activities.
Samsung Electronics got the approval from government for establishing chip manufacturing in China. Korea's Ministry of Knowledge and Economy announced it would insure security to prevent technology leaks. The new factory will specialize in manufacturing chips, MP3 players and tablets.
Crude oil futures declined after hitting the highest level since May on the falling Asian markets and strong USD. Light, sweet crude oil futures for February contract traded at $102.62 a barrel in electronic trade on Wednesday, losing 34 cents after surging up to $4.13 on the New York Mercantile Exchange yesterday.
China plans to implement new measures to stimulate consumption, especially demand for electrical appliances and vehicles. Measures will comprise subsidies for customers to purchase appliances and cars. Government may also continue supporting the existing programme of tax rebates. Stimulation of domestic demand is expected to boost economic growth during the global downturn. The measures are likely to result in 13.2% increase in retail sales in
US markets experienced sharp gains on their first trading session in 2012 after survey showed better than expected manufacturing data. Dow Jones Industrial Average jumped 1.5% or 179.82 points at 12,397.38, S&P 500 Index climbed 1.6% or 19.46 points reaching 1,277.06 while Nasdaq Composite Index rose 1.7% or 43.57 points closing at 2,648.72.
The greenback fell to $1.3041 against Euro trading 0.3% from its 1-week record low on the report that showed US manufacturing expanded faster than predicted in December cutting demand for low-risk assets. The US Dollar weakened to $1.3041 in London morning trade after hitting $1.3050 yesterday. Currently EUR/USD is trading at $1.3042.
Chinese Prime Minister Wen Jiabao suggested the business environment may become relatively tough in the first quarter of 2012 and the monetary intervention is likely to be needed. Wen predicted a slowdown amid accelerating price inflation in the first three months of 2012. Barclays Capital's economists forecast Chinese central bank may lower further reserve requirements for commercial banks.
Aussie and Kiwi retreated from four day advance as European bailout fund prepares to auction three-year notes amid worries Euro Zones largest economies may face credit downgrading. Australian domestic currency lost 0.3% reaching $1.0349 in Sydney evening trade while New Zealand Dollar gave up 0.1% dropping to $0.7888. Currently AUD/USD is trading at $1.0361 and NZD/USD is trading at $0.7895.