News blog
China last week approved long-awaited licenses for next generation (3G) mobile networks, whetting investor appetites with the promise of major new orders for equipment makers and revenue for network operators.
The new licenses will see dominant player China Mobile () forced to build and operate a 3G network based on a home-grown experimental technology, called […]
Filed under: technology by Wolf
Comments Off
Global growth will be very weak next year, a senior European banker warned on Tuesday, and loans to companies and household in the euro zone stagnated, raising new concerns about the extent of the credit crunch.
Japan was reported to be considering a $110 billion scheme to buy bad loans from banks, the latest in […]
Filed under: technology by Wolf
Comments Off
Thousands more Missourians have had their natural-gas service shut off for nonpayment this year than in previous years, another sign of a faltering economy that’s left hundreds of thousands across the state without jobs and cost some residents their homes.
Statewide, more than 200,000 natural-gas customers were disconnected for nonpayment through October, according to […]
Filed under: legal by Wolf
Comments Off
NEW YORK — A federal judge on Monday threw a lifesaver to investors who may have been duped in one of Wall Street’s biggest alleged frauds, saying they need the protection of a special government reserve fund set up to help investors at failed brokerage firms.
U.S. District Judge Louis L. Stanton ordered that […]
Filed under: online by Wolf
Comments Off
General Motors Corp., once the world’s mightiest company, is on its knees today after reporting another huge quarterly loss that will prompt more cuts, including 500 extra layoffs in Oshawa.
Detroit-based GM said yesterday it spilled $2.5 billion (U.S.) in red ink during the three months ending Sept. 30 and warned it could run out of […]
Filed under: finance by Wolf
Comments Off
The Federal Reserve announced Monday it will offer an unlimited amount of dollars to three other central banks in an unprecedented move to provide liquidity to the global banking system.
The U.S. central bank will lend dollars at a fixed interest rate to the central banks of England, Switzerland and the European Union, according to […]
Filed under: management by Wolf
Comments Off
Treasury Secretary Henry Paulson said Wednesday that financial markets continue to be "strained" but he urged "patience" and said the federal government will use all tools necessary to ensure stability in the financial system.
"We will coordinate the use of our existing and new authorities to restore market confidence by strengthening financial institutions, preventing systemic […]
Filed under: news by Wolf
Comments Off
Although global oil prices have plummeted, the cost of heating your home this winter will be a lot more expensive, especially for households that depend on fuel oil, the Energy Department predicted Tuesday.
Households that use fuel oil can expect to spend an average of $2,388 - or $449 more than last year - for […]
Filed under: marketing by Wolf
Comments Off
Dave Croft Motors filed for Chapter 11 bankruptcy protection Wednesday but plans to remain open as it attempts to reorganize.
In filings in U.S. District Court in East St. Louis, the Chrysler dealership said it owes more than $2 million to creditors, most of it to Chrysler Financial Corp. Other large creditors listed are […]
Filed under: legal by Wolf
Comments Off
The U.S. Federal Reserve and the European Central Bank will not cut interest rates this year to calm wild markets but may be forced to engineer rescues for more ailing financial institutions, a Reuters poll showed.
The survey of 71 economists was taken on September 17, a day after the Fed swung an $85 billion […]
Filed under: money by Wolf
Comments Off