Friday, October 29, 2004
War Refuges
Yahoo News | "One of the very first lessons of macroeconomics is that economies can't thrive while simultaneously overproducing both guns and butter. But that is what we are doing right now in the U.S. The Federal Reserve is stimulating consumer demand with low rates while the Administration is running enormous deficits fighting in Afghanistan and Iraq. A war and terrorism burden of $200 billion and counting will inevitably lower economic returns to domestic stockholders and crowd out more productive uses of capital."
Wednesday, October 27, 2004
Dollar calm in eye of storm
Yahoo! News | "The dollar steadied after a rebound from eight-month lows against the euro, but analysts saw little respite in sight for the US currency given a host of concerns about the US economy."
Tuesday, October 26, 2004
World trade 'set to grow by 8.5%'
BBC NEWS | "Global trade is set to grow by 8.5% in real terms in 2004 despite soaring oil prices, the World Trade Organisation (WTO) has said.
Growth this year was boosted by trade and output expansion in China, Latin America and Africa, and a stronger-than-expected recovery in Japan.
But the high price of oil and other commodities may affect output in 2005.
WTO data shows trade in merchandise rose by 4.5% in 2003, up from 3% in 2002 and a decline in 2001.
'Strong demand is behind rising prices for oil and other commodities (in 2004), and markets appear to be handling this well,' said WTO director-general Supachai Panitchpakdi."
Oil prices hitting German economy
BBC NEWS | "The German government has said surging oil prices are on track to cut economic growth by about 0.25% this year.
Economy Minister Wolfgang Clement said on Monday that the government expected growth of 1.8% this year, falling to 1.7% in 2005.
'We estimate that (high oil prices) have already dampened real growth this year by almost a quarter of a percentage point,' he said. "
Monday, October 25, 2004
UK economy slows in third quarter
BBC NEWS | "The UK's economic growth slowed in the third quarter, as recent interest rate rises hit home.
Gross domestic output (GDP) increased 0.4% in the three months to September, according to provisional figures from the Office for National Statistics.
The slowdown in growth is thought to makes it less likely that the Bank of England will raise interest rates.
It could also create problems for Chancellor Gordon Brown's budget, as slower growth means lower tax revenues. "
Oil prices at high on Norway fear
BBC NEWS | "US oil prices have hit new highs on fears that a shipping dispute in Norway could severely disrupt supplies from the world's third largest exporter.
New York light crude touched $55.53 a barrel in electronic trading on Monday, passing the previous $55.50 high.
Ship owners in Norway have threatened to suspend shipments in an effort to end industrial action by rig workers.
The action, scheduled for 8 November, could disrupt Norway's daily output of three million barrels. "
Dollar slide accelerates on rising oil prices
Yahoo! News | "The dollar fell to fresh lows in European morning trade on Monday as another jump in oil prices added to fears that the US economy will not grow fast enough to attract sufficient capital inflows. "
Friday, October 22, 2004
Google earnings surge on ad sales
BBC NEWS | "The world's most popular internet search engine, Google, has seen profits and sales more than double in the third quarter on strong advertising demand.
In its first earnings report since floating on the stock market, the firm said net profit was $52m (£28.4m) in the three months ending 30 September. "
Microsoft profit up 11 percent
"Microsoft made almost $3 billion in profit in the past quarter, but it was Google that captured investors' fancy yesterday.
The current and former Wall Street darlings reported their earnings after the stock market closed yesterday, and the reception showed how much investors favor a hot new thing over a reliable old-timer.
Microsoft beat its forecast and analyst expectations with a profit of $2.9 billion, up 11 percent from the previous year. Sales in the quarter, the first in the company's fiscal year, reached $9.19 billion, up 12 percent. "
Wednesday, October 20, 2004
GM workers in Germany resume work
BBC NEWS | "Employees at General Motors' Bochum plant in Germany have ended a strike which has hit production at three other factories.
Workers at the Bochum plant walked out last Thursday after GM announced it was to cut 12,000 jobs in Europe."
Greenspan: Home Prices Not Hurting Economy
Yahoo! News | "The record level of debt being carried by American households and soaring home prices do not appear to represent serious threats to the U.S. economy, Federal Reserve (news - web sites) Chairman Alan Greenspan (news - web sites) said Tuesday. "
