Business - Latest News

These are the latest Business stories added to our newspaper. They're sorted in descending order with the newest story at the top.

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Stanford victims file class action suit against insurers Friday 03rd of July 2009 06:05:53 PM WASHINGTON (AFP) -- Two US legal firms announced Friday that they have filed a class action suit against a London-based insurer on behalf of the Mexican victims of fraudulent financier Allen Stanford.The lawsuit was filed by the Strasburger & Price and Cast... Read more	Latin America poised for quick exit from crisis: IADB Friday 03rd of July 2009 04:50:32 PM VINA DEL MAR, Chile (AFP) -- Latin America and the Caribbean are well placed to emerge from the storm buffeting much of the global economy, multilateral lenders said here on Friday."There is no doubt that the big surprise for the everyone is that Latin Amer... Read more
Lula to call for solidarity with poor nations at G8 Friday 03rd of July 2009 04:35:25 PM BRASILIA (AFP) -- Brazilian President Luiz Inacio Lula da Silva will call on wealthy nations to moderate their demands on poor countries during next week's G8 summit in Italy, a presidential spokesman said Friday.Lula will tell the world's eight largest econ... Read more	Volkswagen plans electric car in 2013: head Friday 03rd of July 2009 04:15:19 PM BERLIN (AFP) -- German auto maker Volkswagen hopes to turn out its first all-electric car in 2013, VW head Martin Winterkorn said Friday."We are going to use our New Small Family line to offer our first electric vehicle in 2013," he said in a speech, accordi... Read more
German lawmakers approve 'bad bank' scheme Friday 03rd of July 2009 03:55:07 PM FRANKFURT (AFP) -- The German lower house of parliament approved on Friday a bill that provides for the creation of "bad banks" to help commercial and state-owned banks recover from the financial crisis.Bank owners are to pay for costs of the measures, which... Read more	Nabucco not at risk from Russia-Azerbaijan gas deal: Turkey Friday 03rd of July 2009 03:25:13 PM BUCHAREST (AFP) -- Russian Gazprom's recent deal to buy natural gas from Azerbaijan will not endanger Europe's flagship pipeline project Nabucco, Turkey's Foreign Minister Ahmet Davutoglu said here Friday."One must not think that these projects will have any... Read more
Thousands to strike at SAfrica's public broadcaster Friday 03rd of July 2009 02:05:30 PM CAPE TOWN (AFP) -- More than half the workforce at South Africa's embattled public broadcaster will go on strike on Monday over a pay dispute which has gone unresolved as the institution's board collapsed.The SAPA news agency reported some 2,000 of the South... Read more	British Airways says will slash spending Friday 03rd of July 2009 01:55:29 PM LONDON (AFP) -- Troubled British Airways said Friday that it would slash capital expenditure by one fifth in the current financial year after posting another sharp drop in monthly passenger numbers."Market conditions continue to be very challenging with trad... Read more
Real estate goes through roof in China Friday 03rd of July 2009 01:21:32 PM BEIJING, July 3 (UPI) -- Real estate prices in major cities in China have suddenly gone from bust to boom, a leading real estate expert said. The bidders have gone irrational, said Pan Shiyi, chairman of SOHO China, a large property investment company. In one instance, a land parcel in Beijing was taken off the market 15 months ago due to a lack o... Read more	S.African bank sues Zambian government for 74m dollars Friday 03rd of July 2009 01:15:22 PM LUSAKA (AFP) -- The Zambian government is ready to face a leading South African bank in court for 74.3 million dollars sought over the breach of a feedstock contract, the attorney general said Friday."They have not yet served us with the summons but we shall... Read more
Nigeria, Algeria, Niger seal $10 bln gas pipeline deal Friday 03rd of July 2009 01:01:08 PM by Ola Awoniyi ABUJA (AFP) -- Three African countries on Friday signed an accord to build a 10-billion-dollar trans-Saharan gas pipeline linking vast reserves in Nigeria to Europe.The project will convey gas destined for the European market more than 4,000 ki... Read more	Back to school budgets: A teaching moment Friday 03rd of July 2009 12:52:14 PM COLLEGE STATION, Texas, July 3 (UPI) -- Back to school shoppers are apt to be more discerning this year, as they stretch their dollars in the midst of a recession, a retail expert in Texas said. Cheryl Bridges, director of Texas A&M University's Center for Retailing Studies, said back to school shopping maybe a great learning opportunity, a time to teach child... Read more
Darling asks bankers to return to earth Friday 03rd of July 2009 12:26:49 PM LONDON, July 3 (UPI) -- Britain's Chancellor of the Exchequer Alistair Darling said some bankers have been too complacent about changing pay structures that encourage risk. In an interview, Darling said: There are people who are too complacent in my view. They need to be brought back to earth. Darling said a proposal to reform banking regul... Read more	New bubbles rising in China property market: state media Friday 03rd of July 2009 12:26:13 PM BEIJING (AFP) -- China's recent moves to ease curbs on the real estate sector have sent prices soaring recently, stoking fears that new property bubbles are forming, state media reported Friday.Residential property prices in Beijing's Central Business Distri... Read more
Bank fees rise, bailout notwithstanding Friday 03rd of July 2009 11:02:11 AM NEW YORK, July 3 (UPI) -- U.S. banks are increasing fees for a variety of transactions in spite of massive taxpayer bailouts, industry research groups said. In June, Bank of America increased its monthly checking account fee from $5.95 to $8.95. Citigroup and PNC Financial now charge 3 percent for using a debit card overseas, the Charlotte, N.C., Observer repor... Read more	Michigan on path to lose 310,700 jobs Friday 03rd of July 2009 10:30:38 AM ANN ARBOR, Mich., July 3 (UPI) -- University of Michigan economists predict the state's labor market will lose 310,700 jobs in 2009, a sharp increase over a previous prediction. In November, predicted job losses numbered 108,000, the Detroit Free Press reported Friday. Shaken by a prolonged slump in the automobile industry, unemployment in Michigan is a... Read more
Report: Canadians' debt load mounting Friday 03rd of July 2009 10:25:29 AM TORONTO, July 3 (UPI) -- Canada's consumer credit delinquency rate soared 19 percent in the year ending May 31, a report from the Equifax Canada credit bureau said. The report said more than 500,000 Canadian consumers fell into delinquency by allowing bills to go unpaid for more than 90 days, the Toronto Star reported. The analysis said during the May-to... Read more	Asian markets mostly lower Friday Friday 03rd of July 2009 10:20:18 AM TOKYO, July 3 (UPI) -- Asian markets followed U.S. stock indexes lower Friday, although declines were softer than Thursday's pre-holiday losses on Wall Street. U.S. markets fell hard Thursday following news the unemployment rate rose from 9.4 percent to 9.5 percent in June. On Friday, U.S. markets were closed in observance of Independence Day. In Japan, ... Read more
Government bluffing, bondholders say Friday 03rd of July 2009 09:56:57 AM NEW YORK, July 3 (UPI) -- An attorney representing General Motors Corp. bondholders told U.S. Bankruptcy Court Judge Robert Gerber the government was bluffing with a July 10 deadline. Representing the U.S. Treasury, Harry Wilson had told the judge that GM needed to complete a sale of its good assets by July 10 or the government would back away from its $30 bill... Read more	Economic Outlook: China's new green Friday 03rd of July 2009 09:28:27 AM Markets in Europe and Asia tipped lower Friday following Thursday's tumble in the United States prior to the Independence Day break. The U.S. unemployment rate climbed from 9.4 percent to 9.5 percent in June on the loss of 467,000 jobs in the month, triggering the latest free fall. The Dow Jones industrial average lost 2.63 percent Thursday. The Standard & Poor... Read more