Mazda Motor Corp and Mitsubishi Motors Corp lowered their profit forecasts on Thursday to bring them in line with the brutal environment of a stronger yen, sinking demand and tightening credit plaguing the industry. A deepening global financial crisis is promising to exacerbate what had already started off as a difficult year, and executives said
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By Jane Merriman (Reuters) Exchange-style clearing offers a way forward for the multi-billion dollar over-the-counter market in oil derivatives that has seized up because of the credit crisis. Volumes of over-the-counter (OTC) trade slumped in September after the crisis in the banking sector made participants nervous about counterparty credit risk. "The physical oil market is
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Japan and Germany said on Thursday they would plough billions of dollars into their economies, hoping to provide a cushion against a deep recession and complement a series of expected interest rates cuts. Japan, the world's second biggest economy, unveiled a 5 trillion yen ($51 billion) package of spending measures to support its economy and
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World stocks and the euro rallied on Thursday, driven by bargain-hunting and sweeping gains in emerging markets after the U.S. Federal Reserve cut interest rates and opened swap lines to four developing economies. Investors saw a return to risk appetite and the carry trade and renewed weakness in the dollar after the Fed chopped half
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Asian share markets rallied and the euro surged on Thursday on initial signs that investors are rediscovering an appetite for risk in response to global efforts to prevent the financial crisis from leading to a deep recession. Hours after the Federal Reserve met market expectations by slashing its main policy rate to 1 percent, Taiwan
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Oil rose above $70 a barrel on Thursday, building on its more than 7 percent surge in the previous session, after a U.S. Federal Reserve interest rate cut led the U.S. dollar to its biggest daily fall in 23 years. Asian stock markets gained for a third day, with the Nikkei jumping 10 percent, on
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British Prime Minister Gordon Brown called on Thursday for the European Investment Bank to boost lending to small businesses which are suffering because of the global credit crunch and looming recession. Finance minister Alistair Darling and business minister Peter Mandelson will meet Philippe Maystadt, the head of the EIB, the European Union's lending arm, later
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British house prices fell 1.4 percent in the month of October to post their biggest annual drop since comparable records began in 1991, the Nationwide building society said on Thursday. The 12th consecutive monthly drop highlights the reversal of fortune for the property market since the credit crunch took hold last summer. Nevertheless, September's fall
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The Nikkei average surged 10 percent on Thursday to its highest close in more than a week, buoyed by exporters such as Kyocera on a softer yen, amid talk of a rate cut by the Bank of Japan after similar moves by the United States and China. Mitsubishi Corp and other trading houses shot up
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Swedish Christian Democrat MP, former MEP, Lennart Sacredeus, believes that the European Union cannot accept as a member state a country which illegally occupies part of another sovereign country, an EU member state. Sacredeis expressed this position during a meeting he had with House President Marios Garoyian, reiterating his intention to continue briefing the Swedish
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