October 20, 2011
Market nerves over euro strategy
World stock markets have fallen on fears that eurozone leaders are divided over how to tackle the debt crisis. After a meeting with German Chancellor Angela Merkel in Frankfurt, French President Nicolas Sarkozy was reported to have said that the…
October 20, 2011
Morgan Stanley reports $2.2bn third quarter profit
Morgan Stanley has reported a $2.2bn (£1.4bn) profit for the third quarter of the year. The investment bank, the second-largest in the US, made the profit on revenues of $9.9bn. But the profit was boosted by a $3.4bn gain on a revision to some of…
October 20, 2011
Nestle raises 2011 sales outlook
The world's biggest food group, Nestle, has raised its sales growth outlook for the year after a better-than-expected performance in the first nine months. Underlying sales from January to September rose 7.3% on a year ago, helped by higher…
October 20, 2011
eBay reports 14% rise in profits
The internet auction site eBay has reported a 14% increase in third quarter profits. Net income for the three months to the end of September came in at $491m (£311m), up from $432m in the same period last year. EBay said the growth was driven by…
October 19, 2011
Citigroup settles charges of misleading investors
Citigroup is paying $285m (£180m) to settle civil fraud charges from the Securities and Exchange Commission. The SEC said that Citigroup misled investors when it invited them to invest in a product based on US mortgage debt. It said that Citigroup…
October 19, 2011
China cuts holdings of US debt after ratings downgrade
China has reduced its holdings of US debt to their lowest level in a year, after the US's credit rating was downgraded by Standard & Poor's (S&P). China sold $36.5bn (£23.2bn) in US Treasuries or bonds to cut its holding to $1,137bn in August,…
October 19, 2011
Apple full year profits rise 85%
The world's biggest technology company Apple has reported full year results, showing net profit for the year to 25 September at $25.9bn (£16.5bn), up 85% from the previous year. Even that was not enough to satisfy Wall Street, with the shares…
October 19, 2011
Moody’s cuts Spain’s debt rating
Moody's has downgraded the rating of Spain's government bonds. The ratings agency cut Spain two notches, two days after Standard & Poor's took the same decision. Moody's said it had cut the rating because there had been no credible resolution to the…
October 19, 2011
Turkey Taps Arab World For Tourist Dollars
Hard economic times in Europe is hitting the tourist industry in Turkey. But the country is enjoying a rather surprising dividend in the growing popularity of its prime Minister Recep Tayyip Erdogan across the Middle East. It is proving an…
October 19, 2011
Britain, Canada Freeze Assets Over Alleged Iranian Plot
Britain and Canada have joined the United States and frozen the assets of five men in connection with the alleged Iranian plot to kill the Saudi ambassador to the United States. U.S. authorities froze the assets of the five one week ago. Canada…