Business

March 16, 2011

Oil Prices Drop on Fears for Japan’s Economy

World oil prices are dropping because of fears the earthquake and…

March 16, 2011

Portugal hit by debt downgrade from ratings agenc

International ratings agency Moody's has downgraded Portugal's sovereign debt rating, citing the country's need to cut debt and its poor growth prospects. Meanwhile Portugal's main opposition party has announced it will oppose the government's…

March 16, 2011

Japan’s Nikkei 225 rebounds as economic concerns ease

Japanese stocks rebounded as concerns over the long-term impact of Friday's earthquake and tsunami on Japan's economy ease. The Nikkei 225 index gained 4.3% by midday Wednesday. On Monday and Tuesday, the index dropped more than 16%, its biggest…

March 16, 2011

The BOJ injects $43bn to shore up the financial markets

The Bank of Japan has pumped an extra 3.5 trillion yen ($43bn; £27bn) into the financial markets on Wednesday. The injection comes after the central bank announced a cash input of 23tn yen ($284bn) on Monday and Tuesday. The Bank of Japan has been…

March 16, 2011

Cuba devalues currency to match US dollar

Cuba is devaluing its currency by about 8% compared to the US dollar as part of efforts to revive the economy. The hard-currency convertible peso used mostly by tourists and foreign firms will now be on a par with the dollar. The central bank said…

March 14, 2011

Japan’s Nikkei falls 4.5% in first session after quake

Japanese shares have tumbled on the first trading day after the massive earthquake and…

March 14, 2011

Chevron appeals against Ecuador Amazon pollution fine

US oil giant Chevron has launched a legal appeal against a $9.5bn (£5.9bn) fine by an Ecuador court for polluting much of the country's Amazon region. Chevron accused lawyers and supporters of the indigenous groups who brought the case of…

March 14, 2011

Greece, Portugal Face New Credit Warning

A leading financial services company says it could further downgrade the credit standing of Greece and Portugal as the two countries struggle to control the finances of their debt-ridden governments. Standard & Poor's said Wednesday it is keeping…

March 14, 2011

European Leaders Agree to Closer Economic Cooperation

Leaders of the 17 European nations that use the euro have agreed “in principle” to limit public debt and coordinate their economic policies. The so-called “pact for the euro” is to be formally adopted at a summit of all 27 European Union members…

March 14, 2011

Obama to Face Reporters on High US Gasoline Prices

The White House says President Barack Obama will hold a news conference Friday morning to answer questions about rising U.S. gasoline prices. Officials say he likely will be asked about the turmoil in Libya, which has been a major cause of high…