November 16, 2012
US Postal Service in $16bn loss
The US Postal Service has reported an annual loss of a $15.9bn (£10bn), ending a year in which it defaulted on payments twice to avert bankruptcy. Its financial losses were more than triple the previous year's. Most of the mail agency's financial…
November 16, 2012
Dell’s profits slump by 47% on weak sales
Computer-maker Dell has seen its quarterly profit fall by 47% after it was hit by falling sales to both consumers and large companies. The US group made a net profit of $475m (£300m) in July to September, compared with $893m a year earlier. Dell's…
November 16, 2012
BP gets record US criminal fine over Deepwater disaster
BP has received the biggest criminal fine in US history as part of a $4.5bn (£2.8bn) settlement related to the fatal 2010 Deepwater Horizon disaster. Two BP workers have been indicted on manslaughter charges and an ex-manager charged with misleading…
November 13, 2012
Greece Sells Bonds to Avoid Default Friday
Cash-strapped Greece has raised the money it needs to help it avoid a default later this week, but says it still urgently needs more bailout funds in the coming days. The Athens government sold more than $5 billion in bonds Tuesday, which coupled…
November 13, 2012
Obama Meeting with Union Leaders on US Fiscal Cliff
U.S. labor leaders are meeting with President Barack Obama Tuesday, calling on him to reject deep cuts in pensions and health care for the elderly as he works to resolve crucial government financial issues by the end of the year. Newly re-elected,…
November 8, 2012
Eurozone interest rates remain at 0.75%, economy ‘weak’
The European Central Bank (ECB) has held the benchmark eurozone interest rate at the record low of 0.75%, as had been expected. The rate has been at this level for four months, after July's cut from 1%. Explaining the decision, ECB president Mario…
November 8, 2012
Dexia gets further aid from France and Belgium
France and Belgium have agreed to pump a further 5.5bn euros ($7bn; £4.4bn) into struggling bank Dexia, after it reported another large loss. The bank, which was bailed out by France and Belgium last year, posted a third-quarter net loss of 1.23bn…
November 8, 2012
Banana war ends after 20 years
An international trade dispute over bananas dating back two decades has finally been settled. The European Union and ten Latin American countries signed an agreement to formally end eight separate World Trade Organisation (WTO) cases. The head of…
November 7, 2012
Asian markets flat as Barack Obama wins second term
Asian markets were little changed as President Barack Obama was re-elected to a second term. There are concerns whether Mr Obama and a Republican-dominated Congress will be able to negotiate a way to avoid the so-called fiscal cliff. The cliff will…
November 7, 2012
Greece braces for key vote on fresh austerity measures
Greek Prime Minister Antonis Samaras has pleaded with politicians to vote through a fresh round of austerity measures crucial to securing the country's next round of financial aid. Parliament will vote later on 13.5bn euros ($17.3bn; £10.5bn) of…