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News review
Updated November 6 2009
Gold extends record high on India purchase
Gold prices surged to an all-time high after India’s central bank bought 200 tonnes of the precious metal, swapping dollars for bullion as the country’s finance minister warned the economies of the US and Europe had ‘collapsed’
Brussels outcry puts Blair presidency in doubt
The two-day EU summit was supposed to focus on climate change and the Lisbon treaty, but corridor talk was dominated by the looming carve-up of the union’s top jobs
France tries to calm reactor concerns
France was trying to avert a crisis of confidence over its new-generation EPR nuclear reactor after regulators in three countries raised questions over control and safety systems
China general sees military space race
Air force chief calls military competition in space ‘inevitable’, a departure from Beijing’s past insistence that it is not pursuing space programmes for military purposes
Fed spells out stance on rates
The Federal Reserve signalled that it expected to keep interest rates near zero for at least six months, but for the first time identified factors that could lead to earlier rises
Miliband to stay in Westminster, says Harman
British foreign secretary cannot be spared to take role as the EU’s high representative for foreign affairs, maintains Labour’s deputy leader
Watchdog forecasts gas glut
The world faces a natural gas surfeit that will cool prices, says the International Energy Agency, raising the prospect that Moscow’s hold over Europe’s energy security will loosen
Stronger signs of global recovery
Signs of recovery after a torrid year reverberated around the world as manufacturers reported rising output and improved employment prospects in the US, Europe and Asia
Bank tries ‘last heave’ with £25bn boost
The Bank of England will pump another £25bn into the economy, which remained mired in recession in the third quarter, in what was described as ‘one last heave’ to propel growth
US economy starts to grow
The US economy grew at an annualised rate of 3.5% in the third quarter as an aggressive array of stimulus measures brought an end to the longest contraction since the Great Depression
Walmart eyes urban expansion in US
Walmart has stepped up efforts to mobilise local political support for new store openings in US cities and urban areas that were last month identified as a growth priority for the retailer by Mike Duke, its chief executive
News Corp says MySpace Google deal at risk
MySpace, once the centerpiece of Rupert Murdoch’s digital strategy, has fallen ‘significantly’ short of expectations and is jeopardising a critical $900m internet search agreement with Google
Buffett bets $27bn on US
Warren Buffett struck the biggest deal of his life with the $26bn purchase of Burlington Northern Santa Fe in what the billionaire investor called an “all-in wager” on America’s economic future
UK to inject £37bn into Lloyds and RBS
The two UK state-owned banks announce they are raising more than £50bn in moves engineered in conjunction with the government and the European Commission
Germany and Russia furious at Opel blow
Workers in Germany are to stage a series of warning strikes in protest against General Motors’ decision to abandon its sale of Opel to Canada’s Magna and Sberbank of Russia.
RBS to consider further asset sales
The bank is considering further asset sales ‘not initially contemplated’, as part of talks aimed at breaking free from a state-backed asset insurance scheme
Goldman benefits from trading bonanza
Traders at Goldman Sachs recorded only one daily loss in the third quarter, highlighting the trading bonanza sweeping Wall Street as central banks continue to pump billions of dollars into the financial system.
GM pulls out of Opel sale
The move came as a huge surprise and will be an affront for the German government, which has spent months deeply involved in political bargaining to clinch a state-suppported deal with Magna, the Canadian car parts maker
Oracle braced for EU objection on Sun deal
Oracle is braced for a formal objection from Brussels to its planned $7.4bn acquisition of fellow US technology company Sun Microsystems, escalating the company’s high-stakes legal wrangle with Europe’s competition authorities
Madoff ‘amazed’ at escaping 2006 check
US regulators failed to catch Bernard Madoff’s huge fraud in 2006 because they asked the wrong questions and did not perform ‘accounting 101’, the financier told the authorities earlier this year
Gold extends record high on India purchase
Gold prices surged to an all-time high after India’s central bank bought 200 tonnes of the precious metal, swapping dollars for bullion as the country’s finance minister warned the economies of the US and Europe had ‘collapsed’
China is heading for a Japan-style bubble
The current frothiness of emerging markets, centred around China, may only be a foretaste of what is to come, says Peter Tasker
US jobs data provide boost for equities
European equities rebound as Wall Street puts the disappointment of the previous session’s post-Fed swoon behind it on signs the labour market is improving.
Job data welcomed as markets await Fed
The ‘great correlation trade’ returns as investors’ risk appetite grows, while gold hits a new high
Dollar at crossroads ahead of policy meetings
Moves by three central banks will set wider trends in investment at a time when rallies in risky assets could be running out of steam
Citigroup boost for CDOs
One of the first emerging market collateralised debt obligations since the credit crunch began is being prepared by Citigroup bankers in a further sign of debt market thawing
Wall St falls sharply on mixed data
US stocks fell sharply as mixed economic numbers dented optimism, with the market poised for a second successive week of losses
Stocks suffer as investors fret over banks
European equities swoon to a four-week low as poor results from UBS and the break-up of UK banks reminded traders of the financial sector’s fragility
Buffett rail deal offsets banking concerns
Wall Street clawed back early losses in volatile trading after news of Warren Buffett's biggest takeover deal offset lingering concerns over the banking sector
Randgold outperforms sector
Randgold Resources defied the weak market trend and outperformed its peers in the mining sector as the price of gold hit a record high
