Business

December 29, 2011

South Stream pipeline gets Turkey green light

Turkey has given permission for the South Stream gas pipeline to be built across its territories, giving the project a clear run into the lucrative energy markets of Europe. The pipeline will transport Russian gas to Europe under the Black Sea.…

December 28, 2011

Oil jumps over 2% as Iran threatens supplies

Oil prices jumped over 2% Tuesday, crossing the $100-barrel-mark after Iran threatened to…

December 28, 2011

Sears and Kmart to close up to 120 stores on poor sales

Shares in US retail giant Sears fell 27% by the end of the day in Wall Street after announcing plans to close up to 120 Sears and Kmart stores. Sears Holdings, the department store group which owns the two major retail chains, blamed falling…

December 28, 2011

Stocks end mostly flat amid mixed economic reports

U.S. stocks ended a listless session little changed Tuesday as investors weighed reports on consumer confidence and home prices. The Dow Jones industrial average (INDU) eased 3 points, or less than 0.1%, to end at 12,291. The S&P 500 (SPX) added…

December 28, 2011

Japan’s industrial output dips 4% on yen and flooding

Japan's industrial production fell in November, pulled down by a strong yen and weak global demand, and after flooding in Thailand damaged many suppliers. Production fell 4% in November from the same month a year earlier, the Ministry of Economy,…

December 28, 2011

Unemployment set to rise in 2012, suggests CIPD

UK unemployment is set to keep rising to 2.85m in 2012 and peak in 2013, says a report by the Chartered Institute of Personnel and Development (CIPD). The think tank, which specialises in employment, warns the private sector will fail to offset…

December 28, 2011

US house prices fall in October despite low rates

US home prices have fallen further in October despite record low mortgage interest rates, according to new data. The Standard & Poor's Case-Shiller index of 10 major metropolitan areas fell 1.1% from a month earlier and its 20-city index fell 1.2%.…

December 28, 2011

Brazil to be world’s fifth-largest economy in less than 4 years

Brazil will overtake France to become the world's fifth-largest economy in less than four years, the country's Finance Minister Guido Mantega said Tuesday. "The International Monetary Fund says Brazil will be the world's fifth-largest economy by…

December 25, 2011

Payroll tax deal passes Congress in rare win for Obama

The US Congress has approved a short-term renewal of a payroll tax cut, a day after House…

December 25, 2011

Brazil fines Chevron $5.4m for oil spill

Brazil has fined US oil giant Chevron $5.4m (£3.5m) for breach of its environmental licence when it tackled an oil spill in November. Brazil's Ibama environmental agency said Chevron lacked the necessary equipment and was slow to respond. Ibama…