Thursday, May 26, 2005
BBC NEWS | Business | Giant Caspian oil pipeline opens
BBC NEWS | "Oil is set to flow from the Caspian Sea direct to the Mediterranean for the first time after a $3.6bn (�2bn) pipeline opened on Wednesday."
Thursday, May 19, 2005
US industrial product falls 0.2 percent
"US industrial production fell 0.2 percent in April, according to
Federal Reserve figures that surprised analysts who had been expecting an increase.
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Private economists had been expecting a rise of 0.2 percent in the report, which measures the output of US factories, mines and utilities."
Greenspan could stay at Fed a bit longer
"The Bush administration is considering whether to ask
Federal Reserve Chairman
Alan Greenspan to stay in office a few months past the end of his Fed board term, which expires on Jan. 31, The Washington Post reported on Wednesday.
The newspaper said the delay would give the White House more time to conduct the search for a successor, which could include corporate leaders.
However, a close associate of Greenspan's said the Fed chairman intends to step down when his term expires.
Asked about the Washington Post account, White House spokesman Scott McClellan said: 'We don't speculate on any personnel matters.'"
Friday, April 22, 2005
Greenspan: Budget Deficits Pose Danger
Yahoo! News |"On the same day that
Federal Reserve Chairman
Alan Greenspan issued a fresh warning about the dangers of bloated budget deficits, Congress considered new tax breaks for the energy industry and an $81 billion measure to pay for U.S. military operations in Iraq and Afghanistan.
The events Thursday illustrated the challenges — 'hard choices,' as Greenspan put it — that policy-makers face in trying to control spending.
Greenspan, who steadily has pressed lawmakers, told the Senate Budget Committee that unless the situation is reversed, the economy in the years ahead could 'stagnate or worse.'"
Thursday, April 21, 2005
Worries over US economy hit Tokyo shares
Yahoo! News | "Japanese shares fell sharply on Thursday morning as investors continued to worry about the US economy.
By midday the technology-heavy Nikkei 225 average fell by 2.3 per cent to 10,828.97, and the broader Topix declined by 2.1 per cent to 1,108.22.
The Ministry of Finance said foreign investors had sold a net value of Y126bn in Japanese shares in the week to April 16 - a reverse of net buying the previous week.
Investors bullish on Japan are afraid of a flight of capital away from Japan as commonly happens during times when economic prospects appear to grow dimmer.
Falls in Japanese stocks followed a slide in the Dow Jones Industrial Average on Wednesday to its lowest close in six months, after news of a jump in consumer prices last month increased fears about sharp interest rate rises at a time when the US consumer spending may be running out of steam."
Tuesday, April 19, 2005
Snow: World Economy Strong Despite Oil
Yahoo! News | "The global economy can shake off the drag from higher oil prices and keep expanding provided that key industrial countries make necessary reforms to spur growth, Treasury Secretary John Snow said on Saturday.
At a press conference following a meeting of group of Seven finance chiefs, Snow aimed to put the best face on an outlook the G7 agreed was buffeted by a 'headwind' from costlier oil.
'Even with the drag, the sense is the global economy will continue to grow at a strong clip,' Snow told a press conference after meeting his counterparts from the Group of Seven industrialized nations.
'We do need to continue to address the over-arching concern, which is lack of sufficient growth in the large industrialized countries,' he said. Snow added the United States was doing its part, leaving little doubt that he meant it was Europe and Japan that had to pick up the pace.
In a subsequent address to the International Monetary Fund, Snow sharpened his message, saying: 'The major economies, particularly continental Europe and Japan, need to act more resolutely to increase economic potential.'"
Fed's Bies says central bank should be 'alert' to inflation signs
Yahoo! News | "The Federal Reserve must be 'more alert' to signs of increasing inflationary pressures, even if prices appear to be contained, central bank Governor Susan Schmidt Bies said.
Speaking in Buffalo, New York, Bies said she expects US growth to remain strong, inflation to remain contained and for the Fed to continue to raise interest rates at a 'measured pace.'"
US fears hit stocks in Europe and Asia
Yahoo! News | "Wall Street stocks closed flat on Monday, hovering near five-and-a-half-month lows, while jitters over the US economy sent shares in Europe and Asia sharply lower, underlining a dramatic shift in sentiment which has seen investors fleeing riskier assets in favour of safe-haven investments."
Friday, March 18, 2005
Consumer Sentiment Worsens in March
Yahoo! News |"U.S. consumers became less upbeat in early March as rising gasoline costs made Americans more uneasy about the economy, a report said on Friday."
Wednesday, December 29, 2004
Euro Scores Another Record Vs Dollar
Yahoo! News | "The euro set a record high versus the dollar for the fifth session running on Wednesday and held just below last year's lifetime high against the yen as investors' long-standing grim views of the U.S. currency dominated markets.
Trading volumes were thin in the vacation period between Christmas and New Year and there was little news to hold investors' attention.
"The market has no interest in trying to buy dollars...There are also not too many people actively dealing now," said Paul Mackel, currency strategist at ABN AMRO in London.
By 3:50 a.m. EST the euro rose as high as $1.3646, gaining a quarter percent on the day. "
