U.S. crude oil futures extended their gains to above $45 on Wednesday after stocks of crude in the United States declined unexpectedly and demand for gasoline rose. Prices were also supported by further supply disruption in Nigeria, as well as more positive economic news from China. U.S. oil futures for April delivery rose to $45.02,
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United States should seize the moment and lead the world out of recession but other countries need to do their bit too, British Prime Minister Gordon Brown told U.S lawmakers on Wednesday. In a speech to the U.S. Congress, Brown urged America to resist protectionism, fight climate change and take advantage of the huge goodwill
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The dollar surged on Wednesday, closing in on 100 yen, as contracting Australian growth and concern about Japan's economy kept markets' focus on global financial stress despite a rebound for battered stock markets. Broad dollar gains also shook the euro to its lowest in more than three months. The yen's losses coincided with bargain-hunting in
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European Union states reached a deal on Wednesday on introducing mandatory registration and direct supervision of credit rating agencies, a spokesman for the Czech EU presidency said. The sector has been criticised as failing to warn investors about risks in subprime-related products and the measure dovetails with a G20-led global approach to credit ratings agencies.
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Moody's Investors Service expects that solid demand for soft drinks and alcoholic beverages, together with recent price increases, and expected cost cuts, will allow the global beverage industry to maintain steady cash flow in 2009, giving it a stable outlook on fundamental credit conditions. However, companies will continue to experience volume and profit pressure in
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World stocks clawed their way back up from multi-year lows on Wednesday as investors sought bargains after three days of steep losses brought on by deep fears for the world economy and financial system. Prospects of more stimulus spending in the Chinese economy helped. Government bonds sold off and the dollar gained. Investors were moving
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Prime Minister Gordon Brown said on Wednesday that Britain could have been stricter in its supervision of financial markets, but defended his response to the global financial crisis. "We should have been tougher in some areas," Brown told the BBC in an interview during a trip to Washington. "….but there is a whole series of
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Apple Inc refreshed its line of Mac desktop computers, adding stronger capabilities and nudging some prices lower as consumer spending feels the pinch of the recession. Apple introduced on Tuesday new models of its iMac, Mac mini and Mac Pro desktops, following a refresh of its MacBook notebook PCs last year. The new line includes
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California surgeon Calvin Lee has barely picked up his violin for 15 years but on Monday he was named a member of the first YouTube Symphony Orchestra and next month he plays at Carnegie Hall with the group. Lee was one of more than 90 musicians who earned a place in the orchestra created by
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Lloyds Banking Group said talks with Britain's government about the terms of a scheme to cap its losses on billions of pounds of risky assets were "advanced and going well", downplaying reports of a problem. "Our talks with the Treasury are advanced and are going well," a spokesman for the bank said. "They are constructive
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