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The news this morning that Cerberus Capital is re-organizing GMAC's auto finance business is the latest indication the slowing economy and tighter credit are having a definite impact on the auto business.
The number of insolvencies is set to rise in Western economies due to the global credit crunch and the end of housing booms in countries such as the United States, Britain and Spain, a report said on Wednesday.
Asian markets closed sharply lower Wednesday with Japan losing over 3 percent lower and both Australia and South Korea ending around 2 percent down.
U.S. crude oil futures settled at a record $100.01 a barrel, surging on refinery snags, a weak dollar, and concerns about supply from Venezuela and Nigeria.
The tax controversy between tiny Lichtenstein and its big German neighbor is more intriguing than fiction.
The high-yielding Australian and New Zealand dollars climbed Tuesday, as gains in global equities and commodities bolstered investor appetite for risky trades, outweighing worries about the health of the financial sector.
I hear it all the time from car buffs, Chrysler fans, and those who lament the struggles of the American automakers. It goes something like this: "Why is Chrysler cutting back here in the U.S. and looking to expand overseas?"
The Federal Reserve's interest rate cuts are appropriate to restore stability in financial markets and prevent damage to the broader economy, Minneapolis Fed President Gary Stern said on Tuesday.
Asian stocks ended mostly in the green Tuesday as investors, sought undervalued bank shares and exporters that could gain from a modestly stronger U.S. dollar. Japan, South Korea and Australia all closed stronger.
China's annual consumer price inflation jumped to 7.1 percent in January, the highest in more than 11 years, reinforcing expectations that Beijing will stick to a tight monetary policy despite softening economic growth.
Australia's central bank considered raising interest rates by a more aggressive 50 basis points at its Feb. 5 policy meeting, minutes of the meeting showed on Tuesday, pointing strongly to further hikes ahead.
China will surpass Germany as the world's biggest exporter of goods this year, German Economy Minister Michael Glos said on Monday.
Oil advanced for a fourth day on Monday, supported by an escalating row between OPEC member Venezuela and oil major Exxon Mobil.
The dollar recovered in trade thinned by a U.S. market holiday on Monday, as investors locked in profits following the currency's worst weekly performance of the year so far.
The continuing worsening of global credit conditions could make life harder for the fast-growing economies of Eastern and Central Europe, which until now have largely been unharmed, according to analysts.
Asian stocks closed mixed Monday, as investors shrugged off a rash of weak economic indicators to keep most markets afloat. Japan and South Korea closed just a touch higher, which the Hong Kong market fell.
China's producer price inflation jumped to a three-year high in January as transport disruptions caused by severe winter weather pushed up the cost of food and coal.
Oil held steady over $95 a barrel Friday after a series of bleak reports hit the economic outlook for top energy consumer the United States, helping erase earlier gains on supply concerns.
A series of bleak economic reports on Friday showed the mood of American consumers deteriorating in February to a point that has always signaled recession, while factory activity in New York state suffered its biggest drop on record. .
The dollar fell against most major currencies Friday after data showing sharp declines in consumer sentiment and New York area manufacturing rekindled fear that the economy continues to slouch toward recession.
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