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U.S. officials, worried on inflation even as the economy weakens, took the rare step on the weekend of toughening their talk on the downtrodden dollar in the hope that they won't have to back it up with action.
Financial leaders on Saturday urged the International Monetary Fund to sharpen its oversight of the global economy, which is burdened by surging food prices and a credit crisis that shows no end in sight.
The International Monetary Fund should sharpen its focus on currency exchange rate surveillance, challenges posed by sovereign wealth funds and supporting global financial market stability, Treasury Secretary Henry Paulson said on Saturday.
Finance chiefs from rich nations offered a gloomier assessment of the global economy on Friday and vowed to act swiftly on wide-ranging reforms aimed at moving beyond a credit crisis that threatens world growth.
For the week ending Friday, April 11, 2008 the US Markets ended the week in negative territory. There was not a lot of movement in the markets for most of the week, as the major indices traded on a mix of news including same store sales, record highs in oil, flight cancellations from major airlines, and disappointing first quarter results from Alcoa (AA). The markets tumbled on Friday on General Electric's (GE) disappointing earnings.
In politics first impressions matter a lot, and John McCain made a good one on the American people in 2000. It still benefits him today now that he has locked up the GOP presidential nomination.
Oil prices steadied on Friday, closing at $110.14 a barrel, as supply concerns and the weak dollar countered expectations that growing economic problems will slow global demand this year.
G7 finance ministers are meeting in Washington this weekend to discuss the sub-prime credit mess and ways to coordinate measures aimed at backstopping the world financial system against various credit strains and systemic risks.
GE surprised the street this morning with an unexpected 6% drop in first quarter profits. EPS missed by 7 cents a share. As a result, GE opened this morning down about 11%. If this holds, this will be the biggest one day drop for GE since the 9/11 attacks.
The yen rose broadly after a fall in industrial conglomerate General Electric's quarterly earnings stoked fears about the health of the US economy, causing investors to dump riskier trades.
U.S. import prices rose by a more-than-expected 2.8 percent in March as petroleum prices jumped 9.1 percent, a Labor Department report showed Friday.
Asian stocks rose Friday, with Japan's Nikkei closing almost 3 percent higher, led by chipmakers on expectations a slump in the sector may soon end, while oil prices retreated after testing a record high above $112 a barrel.
Finance chiefs from rich nations meet on Friday in Washington D.C. to bless proposals for tightening scrutiny of global banking practices and to press the private sector to step up its efforts to settle financial markets.
Japanese annual wholesale inflation hit a 27-year high in March, squeezing businesses as they struggle to pass on higher prices for fuel and other raw materials to their customers.
Japan wants the Group of Seven rich nations to show a clear determination to ensure financial system stability as global markets remain turbulent, Bank of Japan Governor Masaaki Shirakawa said on Thursday.
We wrap up our special coverage this week on food inflation in Asia. We thought it appropriate to take a closer look at how Asia's powerhouse, China, is dealing with the situation.
It's hard to get more diverse than General Electric: jet engines, high finance, even business news websites (i.e., this one). For that reason, its quarterly report gives an insightful look into how the rest of earnings season may turn out.
It's nearly 75 degrees in New York today, the sun is shining and it certainly feels like spring is here. Yet, heating oil prices at the NYMEX continue to set new records , climbing past $3.32 a gallon this morning, and settling at $3.19.
Oil slipped from record highs as top exporter Saudi Arabia insisted markets were amply supplied despite falling US inventories.
European stocks ended lower for the third straight session on Thursday but well off the day's lows as strong gains on Wall Street sparked a late recovery, eclipsing fears of more asset writedowns in the banking sector.
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