US Justice Department drops Goldman financial crisis probe August 10, 2012 The US Justice Department said it will not pursue criminal charges against Goldman Sachs or its employees related to accusations that the firm bet against the same subprime mortgage securities it was selling to clients. The decision not to prosecute Goldman, a firm held up by critics as a symbol of Wall Street greed during [...]
China July commodities imports stay high; outlook weakens August 10, 2012 China’s imports of key commodities, such as iron ore and copper, defied expectations for a monthly fall to stay high in July, but weak trade figures and a nine-month low in crude oil imports painted a picture of a slowing economy. China is the world’s second-largest oil consumer and the top buyer of iron ore, [...]
Trader Glencore strikes Bellzone iron ore deal August 9, 2012 Glencore has struck a deal to buy at least half of the output from Guinea’s Forecariah iron ore mine as part of the commodities trader’s drive to grab a bigger share of the lucrative market for the steelmaking ingredient. The world’s largest diversified commodities trader said today it had reached a deal with Bellzone Mining [...]
Mining gains prop up FTSE August 9, 2012 Gains in heavyweight miners kept Britain’s main share index flat this morning, as solid results from Randgold Resources and expectations of fresh stimulus measures from China propped up the equity markets. The FTSE 100 was down 0.08 per cent, as Randgold rose 3.1 per cent after reporting a 10 per cent rise in second-quarter profit. [...]
Total trade deficit hits record high in June August 9, 2012 Britain’s total goods and services trade deficit hit a record high in June, after a sharp drop in goods exports, confirming the bleak picture painted by an early estimate of second-quarter gross domestic product last month. The figures will be a disappointment to the government and the Bank of England, which have been hoping for [...]
Libor scandal delays Bank of Japan dollar funding in loan scheme August 9, 2012 The Bank of Japan said today that it will delay lending US dollars under a scheme to support growth industries because of expected changes to the London Interbank Offered Rate (Libor). The funds, which had been scheduled to be disbursed from 6 September, were originally due to be lent at a rate equal to six-month [...]
HMV sees return to profit next year August 9, 2012 Struggling British entertainment retailer HMV posted a £16.2m loss, but said it was confident that a focus on technology and the support of its suppliers and banks would help it bounce back. The 91-year-old retailer, famous for its Nipper the dog trademark, said today it made a pretax loss before exceptionals of £16.2m in the [...]
China factory output growth at three-year low August 9, 2012 Annual growth in China’s factory output slowed to its weakest in more than three years in July, missing market forecasts and increasing expectations that Beijing will take further policy steps to support an economy that has been sliding for six straight quarters. Official data released today also showed China’s annual consumer inflation fell to a [...]
Aviva profit down on restructuring costs August 9, 2012 Aviva, Britain’s second-largest insurer, reported a 10 per cent drop in half-year profit, blaming higher costs as it pushes through reorganisation aimed at improving its financial performance. Aviva made an operating profit of £935m in the first six months of 2012, down from £1.035bn a year earlier, it said today. Analysts had expected a profit [...]
AstraZeneca, BTG scrap sepsis drug as trial fails August 8, 2012 An experimental drug for severe sepsis from AstraZeneca and BTG failed to help patients in a crucial mid-stage clinical trial and its development will now be halted, BTG said on today. Sepsis occurs when the body’s immune system sets off a chain reaction and over-reacts to an infection, damaging vital organs. The news is a [...]
