Business and Finance News

U.S. stocks close lower, Dow drops 121 points
Canada News.Net
All the major indices lost ground Friday in a dismal end to the week.
Mortgage bill may face presidential veto
Canada News.Net
The US House of Representatives has approved a bill designed to stem the tide of home foreclosures due to the subprime mortgage crisis.
Greenspan believes economy is stabilising
Canada News.Net
Former Federal Reserve Chairman Alan Greenspan has said he believes the worst of the credit crisis is over.
Russian steel producer buys US factory
Canada News.Net
Russia's largest steel producer Severstal has said it had finalised a deal to purchase the US-based Sparrows Point steel mill from ArcelorMittal for US$810 million.
Futures trading banned in India
Canada News.Net
The Indian government has banned futures trading in four commodities to tame inflation.
Indian minister gives bio-fuels the thumbs down
Canada News.Net
Indian Minister of State for External Affairs Anand Sharma has taken a dig at US president, George Bush, to emphasise his points on the global food crisis.
Airlines give bad online advice
Canada News.Net
EU consumer protection officials have warned consumers that they are being defrauded by some online ticket sellers.
Wall Street falls at open after AIG loss
Earth Times
Stocks dropped at the open on Friday, with the Dow briefly falling more than 1 percent early, after American International...
Best Buy buys Carphone Warehouse
Canada News.Net
America’s Best Buy brand will begin opening in the UK next year, to take on the European consumer electronics market with its new acquisition, Carphone Warehouse.
Hong Kong is wine lovers city
Canada News.Net
Hong Kong's trade development body expects the Asian wine market to expand by 10-20 per cent over the next five years.
IMF downgrades economic forecasts
Canada News.Net
The International Monetary Fund has adjusted its forecasts for the global economic growth in 2008 downward to below four percent.
Citigroup CEO says to sell, run off non-core assets
Earth Times
Chief Executive Vikram Pandit said on Friday that nearly $500 billion of non-core assets would be be sold or run off over time. , Speaking at an investor presentation, Pandit said the company's goal...
Pandit to reveal turnaround strategy for Citigroup
Canada News.Net
Vikram Pandit, chief of the troubled Citigroup, is set to reveal his revival strategy to investors and he is expected to emphasise on the business model.
Boeing expects to be sued
Canada News.Net
Boeing is expecting a compensation claim from Qatar Airways over a delay in the delivery of its 787 Dreamliner.
US stocks rise led by oil, metal prices
Canada News.Net
Stocks rose on Wall Street Thursday pushed by commodity producers as oil and metals prices continued to rise.
Microsoft appeals EU fine
International Herald Tribune
Microsoft said Friday that it was appealing against a record &#8364;899 million fine imposed by the European Commission for using high prices to discourage software competition. "Microsoft today...
Alcoa names Klaus Kleinfeld CEO
Business Journal
... amp;#039;s board of directors has named Klaus Kleinfeld president and CEO. The change is effective immediately, the company said. Kleinfeld succeeds Alain Belda, who will continue as Alcoa's chairman of...
I Was a Hacker for the MPAA
Wired News
Hacker Robert Anderson first approached the Motion Picture Association with a plan to help the movie studios' lobbying arm beat piracy. Among other things, Anderson proposed to implement an...
Government asks court to block wider testing for mad cow
San Diego Union-Tribune
WASHINGTON &#8211; The Bush administration on Friday urged a federal appeals court to stop meatpackers from testing all their animals for mad cow disease, but a skeptical judge questioned whether the...
Wal-Mart gains foothold in Vancouver
CBC News
The world's largest retailer announced plans Friday to open a store in East Vancouver in 2009. Wal-Mart will take over an existing Costco store at Grandview Highway and Skeena Street. The company...
March trade deficit drops by bigger-than-expected amount
San Diego Union-Tribune
WASHINGTON &#8211; The U.S. trade deficit narrowed sharply in March as demand for imports fell by the largest amount since the last recession was ending. The Commerce Department reported Friday...
Citigroup to shed nearly $500B in assets
Chicago Tribune
Citigroup Inc. 's new chief executive, Vikram Pandit, plans to stick with a global banking model after months of intense review -- but only after shrinking the company by about one-fifth first.The...
Microsoft to release Office 2007 SP1 via Automatic Update in June
Beta News
Five months after the first service pack for Office 2007 was made generally available to customers, the company has determined it will be safe to provide it over its automatic update service.The...

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