December 11, 2011
Chevron sells Caribbean gas stations
Puma Energy Caribe LLC says it has agreed to buy all of Chevron’s gasoline stations and underground storage tank facilities in Puerto Rico and the US Virgin Islands. The Swiss oil company says it will sign an undisclosed multimillion dollar…
December 11, 2011
Oil prices rise as EU closes in on new treaty
in New York. Brent crOil prices rose for the first time in three days, as the European Union moved closer to a plan that promises to fix the eurozone debt crisis. Benchmark crude rose US$1.07 yesterday to end the week at US$99.41 per barrel…
December 11, 2011
Bank of England holds interest rate at 0.50 per cent
THE Bank of England (BoE) on Thursday held its key interest rate at a record low 0.50 per cent, where it has stood for almost three years, amid ongoing turmoil for Britain's economy and the eurozone. The BoE's Monetary Policy Committee (MPC) also…
December 11, 2011
Stocks close higher as Europe nears budget pact
A deal to forge stronger ties between most of Europe’s economies sent stocks sharply higher Friday as hopes grew that the region is close to resolving its debt crisis. The Dow Jones industrial average rose 186 points. All 17 nations that use the…
December 10, 2011
Ford recalling 130,000 Fusion, Milans to fix wheels
Ford Motor Co. said Friday it is recalling more than 128,000 Ford Fusion and Mercury Milan sedans over concerns the wheel studs could crack and cause the wheels to separate, Detroit News reported. The recall includes 128,616 2010 Ford Fusion and…
December 10, 2011
UK alone as EU agrees fiscal deal
European leaders say 26 out of 27 EU member states have backed a tax and budget pact to tackle the eurozone debt crisis. Only the UK has said it will not join. Prime Minister David Cameron said he had to protect key British interests, including its…
December 10, 2011
Insurers face ratings downgrade threat from S&P
Some of Europe's top insurance companies have been warned their credit rating could be downgraded as a result of the European financial crisis. The warning comes from the rating agency Standard and Poor's, which earlier this week warned most…
December 10, 2011
French bank ratings downgraded again by Moody’s
Credit rating agency Moody's has downgraded France's three big banks due to their difficulty borrowing money. The agency cut Credit Agricole and BNP Paribas from Aa2 to Aa3, and Societe Generale from Aa3 to A1. The move follows a previous rating cut…
December 10, 2011
German exports drop as southern Europe markets shrink
German exports fell 3.6% in October as demand from crisis-hit southern European markets shrank, data shows. It was the biggest fall in six months, and much bigger than the 1% decline expected by markets. German imports shrank by 1% versus a month…
December 10, 2011
US trade deficit narrows further to $43.5bn
The US trade deficit narrowed further in October as imports fell faster than exports, official data has shown. Total exports of $179bn (£115bn) fell 0.8% from September, while imports fell 1% to $223bn, giving a total deficit of $43.5bn, or roughly…