January 22, 2012
IMF’s Lagarde joins in warning on austerity and growth
The heads of the IMF and World Bank have joined other influential figures in calling on countries to implement free trade, reform their economies and protect economic growth. They warned that austerity programmes should "promote rather than…
January 19, 2012
Eastman Kodak files for bankruptcy protection
Eastman Kodak, the company that invented the hand-held camera, has filed for bankruptcy protection. The move gives the company time to reorganise itself without facing its creditors, and Kodak said that it would mean business as normal for…
January 19, 2012
Sony Ericsson reports fourth quarter loss
Mobile phone company Sony Ericsson has reported a fourth quarter loss, citing tough competition and the global economic slowdown for the deficit. The firm - which is soon to be fully taken over by Sony - posted a net loss of 207m euros ($267m;…
January 19, 2012
Goldman Sachs cuts pay and bonuses as profits halve
US banking giant Goldman Sachs has cut its pay and bonus payments during 2011 - to $12.2bn (£7.4bn). It said its total compensation - including staff bonuses - was down 21% from 2010. The bank also said that its quarterly profits had more than…
January 19, 2012
IMF seeking $500bn funding boost
The International Monetary Fund (IMF) has said it will seek to increase its resources by $500bn (£325bn) to help stabilise the global economy. The extra money could be used to help countries in the eurozone struggling to pay their debts. But the…
January 17, 2012
Samsung to invest record 41.7 bln USD in 2012
South Korea's largest conglomerate Samsung Group said Tuesday that it planned to invest a record 47.8 trillion won (41.7 billion U.S. dollars) this year in a bid to secure new growth engines. Samsung Group, which controls tech giant Samsung…
January 17, 2012
Eurozone Sees Drop In December Inflation Rate
The eurozone saw a slightly larger than expected drop in the December inflation rate, down to 2.7 percent. Eurostat, the European Union's statistics office, predicted the December rate would drop to 2.8 percent from November's rate of 3 percent…
January 17, 2012
China GDP Grows at Slowest Rate Since 2009
China's economy grew at its slowest pace in two-and-a-half years during the final quarter of 2011, as Beijing fought chronically high inflation and faced weakened demand for its exports. The growth of China's gross domestic product in the fourth…
January 16, 2012
Costa Concordia sinking could cost Carnival $95m
The sinking of the Costa Concordia could cost parent firm Carnival up to $95m (£62m; 75m euro), the firm has said in a statement. Carnival shares fell 18% in early trading after it said it expected the loss of earnings from the capsizing to be…
January 16, 2012
European stocks shrug off downgrade
European stocks had a subdued reaction Monday to Standard & Poor's downgrade of nine euro-zone governments. European stocks wavered between gains and losses in morning trading. Britain's FTSE 100 (UKX) slid 0.2%, the DAX (DAX) in Germany edged…