Monday, May 31, 2004
Oil price fear after Saudi attack
BBC NEWS |"Opec president Purnomo Yusgiantoro has said he is worried by the weekend attack on Saudi Arabia's oil industry as it has pledged to help calm prices.
Twenty-two people died when Islamic militants staged attacks on oil firms and foreign staff in Khobar.
'We are concerned because we hope they are going to be leading the increase in production,' the Opec president said. "
Friday, May 28, 2004
Oil Clambers Higher After Dollar Dive
Yahoo! News | "World oil prices regained some ground on Friday after a heavy bout of profit-taking on Thursday and dealers said it was too early to call time on oil's record-breaking rally. "
Thursday, May 27, 2004
Economy Picks Up Pace in First Quarter
Yahoo! News | "The economy grew at a 4.4 percent annual rate in the first quarter of this year, slightly faster than previously thought and fresh evidence that the recovery possessed good momentum as it headed into the current quarter. "
Wednesday, May 26, 2004
Putin predicts surging economy
BBC NEWS | "Vladimir Putin has vowed to build a rich, modern Russian state in his first state-of-the-nation speech since being re-elected as president in March.
He said his goals were a higher living standard for Russians and the pursuit of stability, democracy and Russia's strategic interests abroad.
Russia, he said, should match and even exceed other states in its development.
The president predicted the economy could double by 2010 if its steady growth - 7.3% last year - continued."
Tuesday, May 25, 2004
Oil price stalls following surge
BBC NEWS | "The surge in oil prices has paused as traders take stock of Saudi Arabia's offer to up its output.
In New York oil fell 23 cents to $41.49 a barrel, with London's Brent crude down 42 cents at $37.75.
Prices leapt to record levels on Monday following the Saudi offer, as doubts intensified about whether it can make much difference to the market.
Many observers say soaring demand and security fears, rather than producers' intransigence, are responsible. "
Oil price soars despite Saudi vow
BBC NEWS | "Opec ministers have said they will not be pressured into upping production despite Saudi Arabia opting to go it alone and raise its output.
The news came as oil surged more than $1 a barrel to $41.70 in the US on Monday night before easing slightly early on Tuesday.
Earlier, Saudi Arabia promised to boost output to 9.1 million barrels a day in an effort to stem record prices. "
Monday, May 24, 2004
Google's Gmail Hottest Tech Ticket In Town
Techweb | "Gmail, the controversial free e-mail service that Google is currently testing, is such a hot item that users are willing to trade everything from a kidney to medical advice -- or pay more than $150 -- to get their hands on an account.
Gmail, which is available only to a limited number of testers -- Google hasn't yet set a public release data for the service -- comes with 1,000 megabytes of storage space, far more than other free Web-based e-mail services such as Hotmail or Yahoo. It's also drawn the ire of privacy advocates for its plan to scan incoming mail with automated bots, then deliver targeted ads to users. "
Saudi Arabia promises extra oil
BBC NEWS "Saudi Arabia has promised to boost its oil output to help stem record prices.
The 800,000 extra barrels pledged will take output to 9.1 million barrels a day, and the effect was to lower oil prices in New York by 1% to below $40.
The offer came just hours after the G7 group of rich states called for lower oil prices at a meeting in New York.
But it has split oil cartel Opec, which last week said it would not boost production quotas before its next meeting on 3 June. "
Saturday, May 22, 2004
Opec defers oil output decision
BBC NEWS | "Opec oil ministers have ended their meeting in Amsterdam without reaching a decision on increasing production.
The oil producers' cartel said it was 'deeply concerned' about high prices, but put off a decision on raising output quotas until next month.
Saudi Arabia, Opec's biggest producer, had proposed an increase of more than two million barrels a day, but some members of the group were reluctant.
Policy will now be decided at a full Opec meeting in Beirut on 3 June. "
Saudi plays up oil output boost
BBC NEWS | Saudi plays up oil output boost: "World oil prices skidded lower on Friday after Saudi Arabia proposed an Opec production increase of more than two million barrels a day.
Saudi oil minister Ali al-Naimi said he would call on the oil cartel to lift production quotas by 8.5% from current limits of 23.5m barrels a day. "
Thursday, May 20, 2004
Brown urges Opec to pump more oil
"Britain launched a campaign yesterday to persuade Opec to open the taps and pump more crude in an effort to get oil prices down.
Gordon Brown and his aide Ed Balls said Britain and other Group of Seven leading industrial countries were contacting nations such as Saudi Arabia - the world's biggest oil exporter - to urge them to increase production and return prices to more sustainable levels.
As they spoke, world oil prices resumed their upward march with US light crude prices 11 cents higher at $40.65 (?D22.80) a barrel and Brent rising 27 cents to $37.22.
On Monday US crude prices hit a record high of $41.85 barrel on surging demand from the US and China, and fears over potential supply disruptions in countries such as Iraq and Saudi Arabia."
Guardian Unlimited Politics
Wednesday, May 19, 2004
Don't Fear the Coming Rate Hike
"The Street is so worked up about it that the relief when the Fed finally moves will be palpable -- and a rally is likely
You have to give the Federal Reserve credit for making its intentions clear. Investors are all but agreed that the rate-setting Federal Open Market Committee (FOMC) will raise rates 25 basis points, or a quarter of a percentage point, at its June 30 policy meeting. After that, the committee is expected to raise rates by 25 basis points another three or four times this year, as necessary to restrain budding signs of inflation. 'They've gone out of their way to signal what they intend to do,' says Robert Smith, president of bond investment firm Smith Affiliated Capital. "
BW Online | May 19, 2004 | Don't Fear the Coming Rate Hike
Google Moves Toward a Direct Confrontation With Microsoft
"Edging closer to a direct confrontation with Microsoft, Google, the Web search engine, is preparing to introduce a powerful file and text software search tool for locating information stored on personal computers.
Google's software, which is expected to be introduced soon, according to several people with knowledge of the company's plans, is the clearest indication to date that the company, based in Mountain View, Calif., hopes to extend its search business to compete directly with Microsoft's control of desktop computing."
The New York Times > Technology > Google Moves Toward a Direct Confrontation With Microsoft:
World Bank warns on Iraq delays
"The president of the World Bank has warned that the reconstruction of Iraq is falling seriously behind schedule because of the continuing violence.
"The main problem is not the resource constraint," James Wolfensohn told BBC News Online, referring to the $33bn (£18.7bn) required to reconstruct Iraq.
"It is the physical constraint, the inability of (workers) to actually go into the country."
Rebuilding Iraq is key to winning the hearts and minds of the population. "
BBC NEWS | Business | World Bank warns on Iraq delays
Bush backs another Greenspan term
"President George W Bush has officially renominated Alan Greenspan to serve another four years as head of the US Federal Reserve.
Mr Bush said he had great confidence in Greenspan's continuing abilities to oversee the US economy.
'Alan Greenspan has done a superb job as chairman...and I have great continuing confidence in his economic stewardship,' Mr Bush said.
Mr Greenspan, 78, has already been in the job for four terms of office. "
BBC NEWS | Business | Bush backs another Greenspan term:
Monday, May 17, 2004
Oil Hits Fresh High, Asia Stocks Tumble
"Crude oil hit a new record high on Monday, knocking down Asian stocks already weakened by the prospect of a slowing Chinese economy and an early U.S. interest rate rise. "
Yahoo! News - Oil Hits Fresh High, Asia Stocks Tumble:
Friday, May 14, 2004
US inflation rears its ugly head
"US consumer prices rose 0.2% in April, smaller than the 0.5% rise in March, yet enough to raise concerns about rising inflation.
With an economic recovery underway, there are signs that companies find it easier to raise prices, said observers.
Consumer prices rose 4.4% during January to April, compared with just 1.9% during the whole of 2003.
Nevertheless, the US Federal Reserve, which sets US interest rates, said last week it is not worried about inflation.
'Long-term inflation expectations appear to have remained well contained,' the Federal Reserve said. "
BBC NEWS | Business | US inflation rears its ugly head:
Eurozone in surprise growth spurt
"The eurozone has posted stronger than expected growth for the first three months of the year.
Official figures showed that the region expanded by 0.6% during the first quarter, outstripping the 0.5% pencilled in by forecasters.
The data follows unexpectedly strong growth figures earlier this week from France and Germany, the region's biggest economies.
Analysts said the improvement reflects a better performance by exporters.
A recent recovery in the value of the dollar against the euro after a prolonged decline late last year has made European goods more competitive on global markets. "
BBC NEWS | Business | Eurozone in surprise growth spurt
Export trekt economie Nederland uit het dal
"De Nederlandse economie is in het eerste kwartaal met 0,8% gegroeid vergeleken met een jaar eerder. De groei was vooral te danken aan de aantrekkende export van met name de chemische industrie en de metaalindustrie. De bestedingen van gezinnen daalden, die van de overheid maakten een pas op de plaats .
Dit blijkt uit de eerste raming voor de economische groei die het Centraal Bureau voor de Statistiek gisteren heeft bekendgemaakt. Gemeten van kwartaal op kwartaal bedroeg de groei 0,4%. Dat komt op jaarbasis overeen met een groei van 1,5% � 2%. De Nederlandse cijfers liggen daarmee in lijn met die van andere Europese landen zoals Itali� en Duitsland."
Het Financieele Dagblad: Export trekt economie Nederland uit het dal:
Yahoo! News - Oil at $41 All-Time High on Supply Fear
"Oil prices hit an all-time record on Friday fueled by global economic growth and enduring worries that gasoline supplies will struggle to meet peak summer demand in the United States.
U.S. light crude jumped to a record $41.17 a barrel, its highest in the 21 years since the New York Mercantile Exchange launched the contract in 1983. At 4:02 a.m. EDT it had eased to $40.95.
London Brent stood at $38.21, down 28 cents, after scaling to a 13-year peak at $38.53 a barrel on Thursday.
Allowing for inflation, prices are about half those during the oil price shock that followed the 1979 Iranian revolution. Adjusted for inflation at 2002 prices, crude's historic peak was a $78-a-barrel average in 1980, according to BP."
Yahoo! News - Oil at $41 All-Time High on Supply Fear:
Thursday, May 13, 2004
Exports rise helps German economy
"Germany's economy grew by a higher-than-expected 0.4% in the first quarter of the year, helped by rising demand for German goods abroad, officials say.
Economy Minister Wolfgang Clement said the figures show the country's economic recovery is underway.
GDP in the eurozone's largest economy had contracted by 0.1% in 2003.
Meanwhile, Italian officials said on Thursday, the country's economy grew 0.4% in the first quarter, which exceeded forecasts of a 0.1% rise.
Eurozone recovery? "
BBC NEWS | Business | Exports rise helps German economy:
Why are oil prices so high?
"Crude oil prices have risen by about 25% this year to levels not seen since the aftermath of Iraq's invasion of Kuwait in 1990.
The latest rises are causing worries in importing countries about the economic cost of higher energy prices.
Higher fuel prices can cause unwelcome rises in inflation, restrict economic growth and are unpopular with voters."
BBC NEWS | Business | Why are oil prices so high?:
Japan's Economy Appears to Be Recovering
"Japan's economy appears to be recovering strongly after more than a decade of decline and a series of spluttering attempts to bounce back, a top U.S. economic official said Thursday.
"We think (this) is a more sustainable recovery than has existed in Japan for a long time," the U.S. Treasury undersecretary for international affairs, John B. Taylor, said after talks with government officials, business leaders and economists.
He said he was encouraged by signs that the economy, which in recent years has experienced short-lived rebounds spurred by hikes in overseas demand for Japanese goods, is now growing because of heightened domestic consumption and internal investment. "
Yahoo! News - Japan's Economy Appears to Be Recovering:
Wednesday, May 12, 2004
Rato Plans No Major Changes as New IMF Director
"Rodrigo Rato, the new managing director of the International Monetary Fund, signaled his intention yesterday to maintain the approach set by his predecessors.
At his first Washington news conference since being named to the IMF's top job, Rato said that 'overall, the work of this institution has been very good.' Countries that borrowed from the fund and followed its advice, he said, were generally in a 'much better position today.'
New heads of the IMF and World Bank have sometimes embarked on their new jobs proclaiming plans to take their institutions in new directions, but Rato, a former Spanish finance minister, suggested he is not inclined to depart much from past policies. "
Rato Plans No Major Changes as New IMF Director (washingtonpost.com)
Tuesday, May 11, 2004
Robust recovery points US to 4.7-pct growth this year: OECD
"A robust recovery driven by productivity and tax cuts puts the US economy on track for growth of 4.7 percent this year and 3.7 percent next, the OECD reported. "
Yahoo! News - Robust recovery points US to 4.7-pct growth this year: OECD
Sunday, May 02, 2004
US readies world for higher interest rates
"US Federal Reserve policymakers, pondering a hotter economy and early price pressures, must brace the world for a U-turn on three years of rate cuts, analysts warned.
Action is unlikely until summer, at least, but the swing from deep cuts to a rise in rates carries global financial risks, they said Sunday, and Federal Reserve chairman Alan Greenspan is starting preparations now. "
Yahoo! News - US readies world for higher interest rates
