December 8, 2011
Oil back above $101 despite US supply growth
Oil is back above $101 per barrel after earlier losing ground when a government report showed an unexpected increase in supplies. Weakening demand for gasolene and other petroleum products was the cause. Benchmark West Texas Interme-diate on…
December 7, 2011
Eurozone crisis: New EU treaty ‘may not be needed’
Tougher rules to tackle the eurozone debt crisis can be achieved without changing EU treaties, European Council President Herman Van Rompuy says. In a leaked report for a crucial EU summit beginning on Thursday, he offers a fast-track "fiscal…
December 7, 2011
India confirms suspension of retail reform
India's parliament has resumed after the government confirmed that it was suspending a plan to open up the retail market to global supermarkets. The decision has been suspended "till a consensus is developed through consultation among various…
December 7, 2011
Citigroup to cut 4,500 jobs worldwide
US banking giant, Citigroup, has said it is to cut 4,500 jobs around the world in an effort to reduce its costs. The group has put aside $400m (£250m) to pay for the cuts, according to its chief executive Vikram Pandit. The money will be written…
December 6, 2011
Germany’s Schaeuble welcomes eurozone downgrade threat
German Finance Minister Wolfgang Schaeuble has said Standard &…
December 6, 2011
Gasoline: The new big U.S. export
The United States is awash in gasoline. So much so, in fact, that the country is exporting a record amount of it. The country exported 430,000 more barrels of gasoline a day than it imported in September, according to the U.S. Energy Information…
December 6, 2011
Apple in EU e-book market probe
Apple and five publishers are to be investigated over anti-competitive practice in the e-book market, says the European Union's anti-trust watchdog. As well as the tech giant, the inquiry centres on Hachette Livre, Penguin, Harper Collins, Simon…
December 6, 2011
Chinese bank mulls further financing for Ethiopian development projects
Ethiopian Prime Minister Meles Zenawi on Monday met a senior official of the Export-Import (Exim) Bank of China on ways of further enhancing the bank's financial assistance to development projects in Ethiopia. During a meeting here with Exim Vice…
December 6, 2011
Europe goes back to the drawing board
European leaders will meet this week for yet another summit to discuss ways to save the euro, and this time they are talking about rewriting European Union treaties. The key players -- Germany, France and the European Central Bank -- all broached…
December 5, 2011
China ‘ill-prepared’ for unrest, says security chief
China's security chief has warned that the government needs better methods to deal with social unrest due to a slowing economy. Zhou Yongkang, a member of the politburo, asked provincial officials for improved "social management". China has seen an…