U.S. Economy » 2012

July 2012
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Wall St. dips after recent rally as Fed statement looms

By Rodrigo Campos NEW YORK (Reuters) - Stocks dipped modestly at the open on Wednesday, but held on to most of their gains over the last two days, ahead of a highly anticipated Federal Reserve statement and news conference. The Fed will release a policy statement at 2:00 p.m. EDT, which will be followed soon after by a news briefing with Chairman Ben Bernanke. "The early morning action is not surprising given the fact that we've had two days of position jockeying ahead of the (Fed)announcement," said Andre Bakhos, director of market analytics at Lek Securities in New York. ...

World Bank watching Fed, ready to respond

By Paul Ingrassia and Mike Peacock LONDON (Reuters) - The World Bank is concerned about the spillover effects on developing countries of a slowing of U.S. money creation and will move to provide affordable capital when borrowing costs rise, its president said on Wednesday. The U.S. Federal Reserve has sparked a bout of financial market turmoil since its chief, Ben Bernanke, announced on May 22 that the Fed could, before the year is out, begin slowing the pace at which it creates dollars. ...

Orders top $100 billion as Ryanair gives Boeing a boost

By Alwyn Scott and Maria Sheahan PARIS (Reuters) - Orders at the Paris Airshow surpassed $100 billion on Wednesday, as planemakers Boeing and Airbus cashed in on demand for fuel-efficient jets and growth in both budget carriers and emerging markets. Ryanair, Europe's biggest low-cost airline, finalized an order for 175 Boeing 737-800 aircraft worth around $15.6 billion at list prices on day three of the aerospace industry's showcase event, the largest single order ever placed by a European airline with the U.S. group. ...

FedEx posts higher-than expected profit, will cut more capacity

By Nivedita Bhattacharjee (Reuters) - FedEx Corp reported a higher-than-expected quarterly profit on Wednesday, sending its shares higher, but the world's biggest air-freight company said it was cutting more capacity between the United States and Asia. The company, considered an economic bellwether because of the massive volume of goods it moves around the world, is still trying to adjust to increasing demand for cheaper ground transport rather than pricier but faster air shipping. ...

EADS says window closed for new BAE merger attempt

PARIS (Reuters) - European aerospace group EADS said on Wednesday the window for a merger with BAE Systems was "closed". "Considerations about a deal with BAE are water under the bridge; we have said this time and again, the window is closed," EADS chief spokesman Rainer Ohler said. The two companies abandoned plans to forge the world's largest defense company in October amid German opposition. The Financial Times reported in the headline of an article on Wednesday that EADS had left the door open to a new merger attempt with Europe's largest defense group. ...

Tesla recalls some Model S vehicles due to seat-mount defect

(Reuters) - Electric car maker Tesla Motors Inc said it recalled some Model S cars manufactured between May 10 and June 8 due to a defect in the mounting bracket of the rear seat. "This reduces our confidence that the left hand seat back will be properly retained in the event of a crash," Tesla founder-CEO Elon Musk said in a statement posted on its website. The statement did not specify the number of vehicles affected. Musk said there were no customer complaints and that the company was not aware of any injuries because of the defect. ...

Analysis: Half-way to lost decade, Europe's growth task as tough as ever

By Alan Wheatley, Global Economics Correspondent LONDON (Reuters) - Half-way towards a lost decade for Europe's economy, pessimism persists about the political will to halt a worrying slide in the region's potential growth. Without sweeping reforms to boost productivity, Europe's output will remain sub-par, making it harder for governments to reduce debt burdens that are unsustainable financially and unemployment rates that are unsustainable socially. Leaders of the 27-nation bloc will have another chance to cut this Gordian knot at a summit in Brussels next week. ...

Dolce and Gabbana sentenced to jail for tax evasion

MILAN (Reuters) - An Italian court on Wednesday sentenced fashion design duo Domenico Dolce and Stefano Gabbana to one year and eight months in prison for hiding hundreds of millions of euros from the tax authorities. The designers, who are nearly as famous as the stars they dress, were not present and have denied the charges. Given the complexity and length of the appeals process, they are unlikely to spend any time in jail. A company spokesman could not be reached for immediate comment. ...

Vodafone may trump Liberty with $10 billion cash bid for Kabel: sources

FRANKFURT/LONDON (Reuters) - Vodafone is discussing a bid of about $10 billion with Germany's No. 1 cable operator Kabel Deutschland and is confident its raised all-cash offer and absence of antitrust issues put it in a better position than rival Liberty Global, two sources familiar with its thinking said on Wednesday. Liberty Global , which owns Unity Media, Germany's No. 2 cable operator, made an 85-euros-a-share offer on Tuesday, two people familiar with the matter said, just days after sources said Vodafone had offered 81-82 euros a share or 7.2 billion euros ($9.6 billion) in cash. ...

Obama says U.S. EU free trade deal can boost jobs and growth

BERLIN (Reuters) - President Barack Obama said on Wednesday a free trade agreement between the United States and the European Union could boost jobs and growth on both sides of the Atlantic and he also stressed the need for economic structural reforms. Speaking at a joint news conference with German Chancellor Angela Merkel in Berlin, Obama also said: "We have a profound stake in each other's success. We agreed that there is more work to do. Not only do we need to grow but we also need to reform our economies structurally." (Reporting by Jeff Mason and Roberta Rampton)

Archive for July, 2012

31 Jul

South Korea sees sharp fall in July exports

South Korea's exports fell sharply in July compared to a year earlier, official figures showed Wednesday, as the export-dominated economy grapples with the global economic downturn.

Original post by AFP and software by Elliott Back

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Archive for July, 2012

South Korea sees sharp fall in July exports