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Heavy snow disrupts travel across much of Britain - BBC News
5 Feb 2012 at 1:26am

BBC News
Heavy snow disrupts travel across much of Britain
BBC News
Heavy snow has brought disruption to many parts of Britain, with road closures and flight cancellations. Up to 16cm (6in) of snow fell in some areas, and icy conditions have prompted warnings from the Met Office. The M25 was shut in both directions ...
Severe snow and ice bring Britain to a standstillTelegraph.co.uk
'Worst of the snowfall over' - but transport is crippledYorkshire Post
Travel warnings as snow blankets UKBourne Local
Breaking Travel News
all 293 news articles »
Chris Huhne quits cabinet over speeding claims charge - BBC News
3 Feb 2012 at 7:17am

BBC News
Chris Huhne quits cabinet over speeding claims charge
BBC News
Chris Huhne has quit as energy secretary after learning he will be charged with perverting the course of justice over a 2003 speeding case. His ex-wife Vicky Pryce will face the same charge in relation to claims she accepted his penalty points.
Huhne and the wife he left to be reunited ? in a courtThe Independent
Huhne quits post to fight chargeFinancial Times
'Camp Vicky' out in force to back Huhne's ex-wife as couple's mutual friends ...Daily Mail
Mirror.co.uk -Telegraph.co.uk -The Guardian
all 1,583 news articles »
Man has part of ear bitten off in KFC attack - Metro
5 Feb 2012 at 1:04am

Metro
Man has part of ear bitten off in KFC attack
Metro
A man had part of his ear bitten off in an unprovoked late-night attack at a branch of KFC in Glasgow. Police have launched an investigation after the 28-year-old was the victim of a serious assault at around 11pm on Friday. He was with a friend in the ...
Part of man's ear bitten off in 'particularly violent' Glasgow attackstv.tv
Part of man's ear bitten off in attack at KFCMirror.co.uk
Ear bitten off in fast food queueBBC News
Scottish Daily Record -Herald Scotland
all 66 news articles »
Queen's Jubilee eve village worship - Rutland and Stamford Mercury
5 Feb 2012 at 1:38am

Evening Standard
Queen's Jubilee eve village worship
Rutland and Stamford Mercury
The Queen and Duke of Edinburgh will attend a church service on the eve of the monarch's Diamond Jubilee anniversary. The royal couple will join the congregation at a place of worship in a village at the heart of the sovereign's private Sandringham ...
Canada to mark Queen's Diamond Jubilee in a big way, ties to monarchy run deepWinnipeg Free Press
The Diamond Queen: Princes William and Harry say Elizabeth 'doesn't care for ...Daily Mail
60 royal factsEdmonton Journal
Express.co.uk -Scotsman (blog)
all 237 news articles »
Mayfair fire tackled by more than 100 firefighters - BBC News
4 Feb 2012 at 12:43pm

BBC News
Mayfair fire tackled by more than 100 firefighters
BBC News
More than 100 firefighters and 20 fire engines have been sent to a large fire in a Grade-I listed building in central London. London Fire Brigade (LFB) said the blaze in a five-storey terraced house in Mayfair, which spread to the roof, ...
Mayfair fire: Blaze in £13m Grafton Street house under controlLondon24
Hundred firefighters battle Mayfair blazeScotland on Sunday
Fire at multi-million pound Mayfair homeTelegraph.co.uk
The Guardian -The Press Association -Metro
all 161 news articles »
Betty Yates: rural idyll in fear of a killer in its midst - Telegraph.co.uk
4 Feb 2012 at 2:01pm

Telegraph.co.uk
Betty Yates: rural idyll in fear of a killer in its midst
Telegraph.co.uk
The murder of retired teacher Betty Yates at a remote cottage has devastated the close-knit community where she lived. By Cole Moreton and Ben Leach The house in which Betty Yates lived and died is beautiful but isolated. To get home after a day full ...
Arrest in Betty Yates murder caseSunday Mercury
Betty Yates murder: Man arrested over death of retired schoolteacherMirror.co.uk
Teacher death arrestScotland on Sunday

all 204 news articles »
They can't go to war - WalesOnline
4 Feb 2012 at 11:01pm

Daily Mail
They can't go to war
WalesOnline
by Ciaran Jones, Wales On Sunday FALKLANDS hero Simon Weston has dismissed Argentina's claim to the South Atlantic islands as tensions soared to the highest level seen since the 1982 war. The former Welsh Guardsman accused the South Americans of ...
Nuclear sub on Falklands patrol... as the flames of fury continue in ArgentinaDaily Mail
Restoring our military to its former strengthTelegraph.co.uk
Navy 'sends submarine to Falklands'The Press Association
MercoPress -The Sun -Buenos Aires Herald
all 214 news articles »
Motorists warned over icy roads - The Press Association
5 Feb 2012 at 1:00am

stv.tv
Motorists warned over icy roads
The Press Association
Motorists have been warned to beware of icy roads after a night of sub-zero temperatures. Forecasters said that clear skies overnight meant moisture on the roads is likely to freeze. The Met Office has issued amber "be prepared" warnings of ice for ...
Warning of widespread ice as temperatures set to drop overnightstv.tv
Snow warning for parts of Scotland this weekend as temperatures plungeScottish Daily Record

all 115 news articles »
16, 000 sign up to Times 'safe cycling' campaign - Times Online
5 Feb 2012 at 1:51am

Times Online
16, 000 sign up to Times 'safe cycling' campaign
Times Online
By following stories, you will be notified when new articles on this topic are published. These will appear in your dashboard. More than 16, 000 people have now signed up to the Times campaign calling for safer cycling. On Friday a man in his 60s was ...
Cyclist deaths and casualties in London ? the factsTelegraph.co.uk (blog)
Cyclist killed in coach collision in BishopsgateBBC News
Safety calls after cyclist killedThe Press Association
Channel 4 News -Spectator.co.uk -Metro
all 63 news articles »
Labour claim new TV drama Coup is based on Ed Miliband - Mirror.co.uk
4 Feb 2012 at 4:51pm

Mirror.co.uk
Labour claim new TV drama Coup is based on Ed Miliband
Mirror.co.uk
by Vincent Moss, Sunday Mirror 5/02/2012 The Irish-born actor is to star in a major new TV drama about a radical Labour Prime Minister who is swept to power after taking on City fat cats and the big banks. Labour image makers claim the new show is ...
David Miliband: my brother and a return to old LabourTelegraph.co.uk
Barclays to slash bonuses by a third: Banking giant acts to head off public angerDaily Mail
Banks must serve whole society, says Ed MilibandBBC News
Financial Times -The Press Association -Evening Standard
all 321 news articles »
 

Business News
Business News continually updated from thousands of sources around the net.


Beer brewers revise playbooks to win back lost customers
5 Feb 2012 at 1:04am

Beer sales have been hurt by changing tastes and the growing appeal of wine and liquor in recent years, with U.S. shipments down 1.4% last year.

Romney Romps to Victory in Nevada. Paul and Gingrich a Distant Second and Third.
4 Feb 2012 at 8:54pm

In one of the biggest non-surprises in the history of non-surprises, CNN has called the Nevada caucuses for Mitt Romney, by a massive 17% . Gingrich is hot on the little Texan's tail, claiming around 20% of vote.

Study: Call center jobs ideal in Myrtle Beach area
4 Feb 2012 at 6:55pm

The Grand Strand has the population, worker base and capability to be home to more call center, customer service and back office jobs, according to a recent study that is paving the way for the Myrtle Beach Regional Economic Development Corp.

I'm Okay with Mitt Romney's Income and Estate Tax Planning
4 Feb 2012 at 3:55pm

Americans are allowed to pay the lowest tax they are legally obligated to pay. Taxpayers who pay more do so usually because they are unaware of rules or planning opportunities applicable to them or fail to implement planning.

Five top tips for a successful project management strategy
4 Feb 2012 at 11:54am

For marketing professionals today a proven way to manage multiple projects simultaneously is to take advantage of enterprise software as it improves the chances of delivering projects on time and within budget.

Many marketing companies have already implemented enterprise software but by effectively deploying its use throughout the organisation they can get much more from their investment and significantly improve project management.

Online PMP Training.

Zuckerberg May Sell $1.67 Billion in Facebook Stock to Cover Options Taxes
4 Feb 2012 at 9:35am

Mark Zuckerberg may sell about $1.67 billion of Facebook Inc. stock in the company's initial public offering to pay off taxes he will owe when he exercises options to buy 120 million shares.

The social network's chief executive officer will owe taxes on gains related to the award of options, the Menlo Park, California-based company said this week in its IPO prospectus.Getting rich with ebooks. The options were granted to Zuckerberg in 2005 and expire in 2015, and he'll sell stock to cover liabilities, Facebook said.

Entrepreneurs and small business owners work their 'side hustles'
4 Feb 2012 at 1:01am

JP Muller: One is a local crafter who specializes in hand made baby clothes. Another is a state department employee by day and talent agent on the side. A third is the director of a local non-profit that teaches health and wellness to Ward 8 residents.

All are part of an emerging collective of entrepreneurs that meets monthly for a session known as Side Hustle Saturdays. The gathering, in the heart of Anacostia, is a chance for entrepreneurs to network and share ideas with other who are hustling to make it.

AT&T & Dish fight over spectrum, but will either build a network?
3 Feb 2012 at 7:47pm

Report after report points to AT&T marrying Dish Network after Ma Bell's forced breakup with T-Mobile , but given the companies' increasing belligerence, you wouldn't think that was the case.

Food Porn Should Help Us Keep Track Of How Much We Eat
3 Feb 2012 at 5:37pm

Mayfield Fund's managing director Tim Chang is obsessed with the whole quantified self movement, where people use gadgets to keep track of their health and fitness.

Super Bowl XLVI Point Spread Risky Business for Books that Get 'Middled'
3 Feb 2012 at 4:32pm

"Middling" takes place when a book loses to both sides of the betting market, as was the case classically so for Super Bowl XIII featuring the Dallas Cowboys and Pittsburgh Steelers.

For A Clear Picture Of Facebook's Business, Look At These Charts
3 Feb 2012 at 4:32pm

Facebook just filed for its initial public offering, finally giving us a look at how the company actually operates as a business.

Video: U.S. Payrolls Jump; Jobless Rate Drops
3 Feb 2012 at 12:18pm

Employment climbed more than forecast in January and the U.S. jobless rate unexpectedly fell to the lowest in three years, casting doubt on whether the Federal Reserve can wait until 2014 before raising interest rates.

Video: Falcone's Harbinger Hedge Fund Lost 47% in 2011
3 Feb 2012 at 12:17pm

Phil Falcone's Harbinger Capital Partners LLC lost 47 percent for investors in his main hedge fund last year as he was forced to slash the value of his troubled wireless venture by more than half, according to a person familiar with the results.

FIRST GREEN BANK TO OPEN ORMOND BEACH BRANCH ON FEB. 6
3 Feb 2012 at 12:15pm

MOUNT DORA, Fla. --- First Green Bank, which recently opened its award-winning headquarters facility in Mount Dora, will open a 5,000 square foot branch facility on Monday Feb. 6 at 175 W. Granada Blvd. in Ormond Beach.

Kenneth LaRoe, chairman and chief executive officer of First Green Bank, said he appointed Jim Hester as market executive to head the branch facility.

Hester, a Volusia County native, earned his Business degree from the University of Central Florida and has more than 15 years of experience in community banking in Volusia County.

First Green Bank was named the region's Green Business of the Year in 2011 by the Central Florida Chapter of the U.S. Green Building Council (USGBC).

First Green Bank's new headquarters facility in Mount Dora is the second privately constructed building in Florida to meet the USGBC's LEED Platinum standards for energy efficiency and environmental quality.

Winston James' Beville Road Business Park leases 1,050 sq ft office suite to ...
3 Feb 2012 at 11:24am

SOUTH DAYTONA BEACH, Fla. --- The Beville Road Business Park in South Daytona, developed and owned by Winston-James Development Co., recently leased 1,050 square feet of office space to Apex Laboratories.

Winston Schwartz, president of Winston-James Development, said the new tenant is a clinical lab doing medical testing for clients in East Volusia County.

 

BBC News - Business
The latest stories from the Business section of the BBC News web site.


Work contacts 'cut dropout rate'
4 Feb 2012 at 5:37pm
The more young people come into contact with employers the less likely they are to drop out of school and become unemployed, research suggests.

Annuity sales 'unfair and opaque'
3 Feb 2012 at 5:01pm
The way annuities are sold is costing half a million retirees each year as much as £1bn in future pension income, the National Association of Pension Funds says.

Work programme on track: Grayling
3 Feb 2012 at 4:33pm
Around 20% of unemployed people who have been on the government's main welfare-to-work scheme, the Work Programme, for at least 6 months have been found a job, the BBC has learnt.

US job numbers show strong growth
3 Feb 2012 at 2:45pm
The US economy created 243,000 jobs in January, while the unemployment rate fell to 8.3%, official figures show.

New Virgin staff pay for checks
3 Feb 2012 at 4:53pm
Virgin Atlantic is forcing successful job applicants to pay for their own criminal record checks, Radio 4's Money Box reveals.

High Streets bid for £1m funding
4 Feb 2012 at 4:35am
The government is looking for 12 run down High Streets in England to share £1m as a part of plans proposed by TV retail guru Mary Portas.

RBS boss calls for pay correction
3 Feb 2012 at 5:40am
The chairman of 82% taxpayer-owned Royal Bank of Scotland (RBS) says banker pay has been "high for too long" and needs to be corrected.

Europe hit by Russia gas shortage
3 Feb 2012 at 6:28pm
Freezing weather sweeping across Europe is causing a shortage of vital Russian gas supplies to several countries, officials say.

BT vow fibre optic 'game changer'
3 Feb 2012 at 12:20pm
Fibre optic broadband connections to at speeds of 300 Mbps will be available 'on demand' in the UK next year, BT says.

Apple overturns Motorola's ban
3 Feb 2012 at 9:10am
Apple is granted a suspension of a sales ban imposed on some of its iPads and iPhones in Germany.

Service sector sees strong growth
3 Feb 2012 at 4:01am
The UK's service sector grew at its fastest rate since March 2011 in January, according to a closely watched survey.

1.1 million face £100 tax fines
3 Feb 2012 at 6:44am
Just over one million taxpayers face a penalty of £100 for failing to submit their self-assessment tax returns on time, HM Revenue and Customs says.

Personal insolvencies 'down 11%'
3 Feb 2012 at 4:09am
Fewer people were declared insolvent in 2011 in England and Wales than in 2010, but the number of companies going bust increased.

BT cuts costs to increase profits
3 Feb 2012 at 12:29am
Telecoms group BT reports a sharp rise in profits, thanks largely to a jump in the number of broadband users.

Score draw in TV football case
3 Feb 2012 at 8:30am
The Premier League and the importers of foreign satellite TV decoder boxes and cards are both claiming victory after their latest court battle
 

Financial Services company and industry news from the Financial Times
The financial services company and industry news with expert analysis from the Financial Times on FT.com

Goldman Sachs cuts chief executive?s bonus
4 Feb 2012 at 12:13pm
Executive compensation has become a thorny issue for banks which have cut jobs or been given state aid
Volatility and weaker client trading hit Investec
3 Feb 2012 at 9:12pm
The South African banking group says that troubled markets had pulled its operating profit down by more than 5% in the nine months to December
New York Fed weighs fresh securities auction
3 Feb 2012 at 5:10pm
Decision due in days on whether to sell bundled mortgage securities acquired during the AIG bail-out after successful Maiden Lane sale
Carlyle removes class-action clause
3 Feb 2012 at 4:56pm
Group backs down after legal strategy provokes letter from senators amid opposition from investors and corporate governance activists
Church of England doubles hedge fund investments
3 Feb 2012 at 1:14pm
Anglican portfolio now among biggest investors despite public anger about excess in industry notorious for eye-watering pay packages
ETFs: engine trouble
3 Feb 2012 at 1:06pm
The fall in volumes should not deter regulators from getting a better grip on these products, particularly the synthetic variety
Plus Markets starts looking for buyers
3 Feb 2012 at 12:52pm
The Aim-quoted bourse, which is home to some 159 companies, has experienced continuing losses and dwindling listings in recent years
EC block clouds outlook for big exchange mergers
3 Feb 2012 at 12:48pm
Rejection of the Deutsche Börse-NYSE Euronext plan reflects strong antitrust sentiment against such businesses wielding greater market power
Flashpoints ahead for RBS pay committee
3 Feb 2012 at 12:12pm
Pressure to keep bank?s bonus pool below £500m this year compared to nearly £1bn 12 months ago
Swiss probe 12 banks over Libor allegations
3 Feb 2012 at 10:51am
Investigation into lenders in US, Europe and Japan, including UBS, Deutsche Bank, RBS and Citigroup
RBS fights Libor dismissal claim by trader
3 Feb 2012 at 10:51am
Bank says former Singapore employee was guilty of gross misconduct for ?improperly influencing? rate setting
Spain caps senior pay at bailed-out banks
3 Feb 2012 at 10:34am
Executives limited to ?600,000 a year, in some cases cutting bankers? income by three-quarters
Funds seek broader choice
3 Feb 2012 at 3:48am
Some providers want tailor-made indices or are developing their own inhouse
Institutions warm to leveraged and inverse funds
3 Feb 2012 at 3:46am
Interest among institutional investors is growing for leveraged and inverse ETFs
Roles include buying gold and reducing risk
3 Feb 2012 at 3:41am
2011 was a year of two halves as investors switched from equities
 

Sky News | Business | First For Breaking News
The latest business news on British and international companies, stocks and shares news, the FTSE, Dow Jones and main market movers. What???s up and what???s down in business.

US Jobs Rise Boosts Hopes For World Economy
The global economy received a boost after better-than-expected US jobs figures pushed the Dow Jones stock market index to its highest level since before the 2008 financial crisis.
£1m Portas Contest To Breathe Life Into Towns
Towns are being offered a slice from a £1m pot to come up with ideas for reviving their high streets.
RBS Chair Attacks 'Anti-Business Ministers'
Ministers should abandon a growing tendency to indulge in anti-business rhetoric or risk damaging Britain's economic recovery, the head of the state-controlled Royal Bank of Scotland (RBS) has warned.
Suspended Dover-Calais Ferry Route To Restart
A Dover-Calais ferry route which was suspended in November, when SeaFrance collapsed, is due to be re-opened.
Double-Dip Recession 'Too Close To Call'
The UK will return to recession in the first half of this year, one influential think-tank has warned, but other new data from the services industry suggests otherwise.
 

Forex Blog
Learn about the world of Forex

Loonie and Aussie Share Downward Bond
by Adam Kritzer
30 Jun 2011 at 9:15am
Tide is Turning for the Aussie
by Adam Kritzer
29 Jun 2011 at 10:40am

“Australia is about to enter a boom that should last decades…The Australian dollar is unlikely to go back to where it was, and manufacturing will shrink in importance to the economy, perhaps even faster than it has been.” This, according to Martin Parkinson, Treasury Minister of Australia. While 30 years from now, Mr. Parkinson’s prognosis might probe to be accurate, I’m not so sure it applies to the period 3 months from now. Here’s why:

First of all, the putative economic boom that is taking place in Australia is being driven entirely by high commodity prices and surging production and exports. Since peaking at the end of April, commodity prices have fallen mightily. You can see from the chart above that there continues to exist a tight correlation between the AUD/USD and commodities prices. As commodities prices have fallen over the last two months, so has the Australian Dollar.

In addition, while demand will probably remain strong over the long-term, it may very well slacken over the short-term, due to declining economic growth across the industrialized world.  Consider also that Australia’s largest market for commodity exports – China – may have difficulty sustaining a GDP growth rate of 10%, and at the very least, new fixed-asset investment (which necessitates demand for raw materials) will temporarily peak in the immediate future.

Finally, the mining sector directly accounts for only 8% of Australia’s economy, which means that only to a limited extent to high commodities prices contribute to the bottom line of Australian GDP. This notion is reinforced by the 1.2% economic contraction in the second quarter – the biggest decline in 20 years – and the fact that GDP is basically flat over the last three quarters. Many non-mining economic indicators are sagging, and the number of corporate bankruptcies is 10% higher than in 2010. In the end, then, the ebb and flow of Australia’s fortune depends less on commodities, and more on other sectors.

Mr. Parkinson’s optimistic forecasts might also be undermined in the short-term by a looser-than-expected monetary policy. The Reserve Bank of Australia last hiked its benchmark interest rate in November 2010, and may not hike again for a few more months due to moderating economic growth and proportionally moderate inflation. Given that an attractive interest rate differential may be driving some of the speculative activity that has girded the Aussie’s rise, a decline in this differential could likewise propel it downward.

That’s because anecdotal reports suggest that the Australian Dollar remains a popular long currency for carry traders, funded by shorting the US Dollar, and to a lesser extent, Japanese Yen. Given that many of these carry trades are heavily leveraged, it wouldn’t take much to trigger a short squeeze and a rapid decline in the AUD/USD. For evidence of this phenomenon, one has to look no further back than May 2010, when the Aussie fell 10-15% in only three weeks.

Ultimately, as one commentator recently pointed out, the Aussie’s 70% rise since 2008 might better be seen as US Dollar weakness (which also catalyzed the rise in commodity prices). The apparent stabilizing of the dollar, then, might let some air out of the currency down under.

Emerging Market Currencies Brace for Correction
by Adam Kritzer
28 Jun 2011 at 2:42am

“It was the spring of hope, it was the winter of despair,” begins Charles Dickens’ The Tale of Two Cities. In 2011, the winter of despair was followed by the spring of uncertainty. Due to the earthquake/tsunami in Japan, the continued tribulations of Greece, rising commodity prices, and growing concern over the global economic recovery, volatility in the forex markets has risen, and investors are unclear as to how to proceed. For now at least, they are responding by dumping emerging market currencies.

As you can see from the chart above (which shows a cross-section of emerging market forex), most currencies peaked in the beginning of May and have since sold-off significantly. If not for the rally that started off the year, all emerging market currencies would probably be down for the year-to-date, and in fact many of them are anyway. Still, the returns for even the top performers are much less spectacular than in 2009 and 2010. Similarly, the MSCI Emerging Markets Stock Index is down 3.5% in the YTD, and the JP Morgan Emerging Market Bond Index (EMBI+) has risen 4.5% (which is reflects declining growth forecasts as much as perceptions of increasing creditworthiness).

There are a couple of factors that are driving this ebbing of sentiment. First of all, risk appetite is waning. Over the last couple months, every flareup in the eurozone debt crisis coincided with a sell-off in emerging markets. According to the Wall Street Journal, “Central and eastern European currencies that are seen as being most vulnerable to financial turmoil in the euro zone have underperformed.” Economies further afield, such as Turkey and Russia, have also experienced weakness in their respective currencies. Some analysts believe that because emerging economies are generally more fiscally sound than their fundamental counterparts, that they are inherently less risky. Unfortunately, while this proposition makes theoretical sense, you can be assured that a default by a member of the eurozone will trigger a mass exodus into safe havens – NOT into emerging markets.

While emerging market Asia and South America is somewhat insulated from eurozone fiscal problems. On the other hand, they remain vulnerable to an economic slowdown in China and to rising inflation. Emerging market central banks have avoided making significant interest rate hikes (hence, rising bond prices) – for fear of inviting further capital inflow and stoking currency appreciation – and the result has been rising price inflation. You can see from the chart above that the darkest areas (symbolizing higher inflation) are all located in emerging economic regions. While high inflation is not inherently problematic, it is not difficult to conceive of a downward spiral into hyperinflation. Again, a sudden bout of monetary instability would send investors rushing to the exits.

While most analysts (myself included) remain bullish on emerging markets over the long-term, many are laying off in the short-term. “RBC emerging market strategist Nick Chamie says his team has recommended ‘defensive posturing’ to clients since May 5 and isn’t recommending new bullish emerging currency bets right now….HSBC said Thursday that it isn’t recommending outright short positions on emerging market currencies to clients but suggested a more ‘cautious’ and selective approach in making currency bets.” This phenomenon will be exacerbated by the fact that market activity typically slows down in the summer chart above courtesy of Forex Magnates) as traders go on vacation. With less liquidity and an inability to constantly monitor one’s portfolio, traders will be loathe to take on risky positions.

NO QE3: What are the Implications for the Dollar?
by Adam Kritzer
25 Jun 2011 at 7:28am

The verdict is nearly in; there will be no QE3. The second round of quantitative easing (?QE2?) will expire at the end of this month, and while it will not be unwound for quite some time, the Fed has indicated that it will not be followed by yet another round. The question on the minds of forex traders, of course, is what does this mean for the Dollar?

In his most recent press conference, Ben Bernanke, himself, indicated that QE3 was unlikely. According to a survey conducted by Bloomberg News, the majority of FX analysts (65%) believe him. Simply, the circumstances don?t support further easing. To be sure, the unemployment rate remains high, and the economy is teetering on the verge of double-dip recession. However, the last two rounds did little to address either of these problems, and companies have hoarded cash rather than investing in new plant and workers.

Interest rates are still hovering around record lows, and there isn?t anything to be gained from trying to lower them further. Besides, given that inflation is now above 3% ? due to an explosion in good and energy prices ? QE3 would simply be too risky. Economist Ken Goldstein summarized the situation as follows: “We will come to the end of QE2 and largely we mark about how little happened when it ended and that?s also an argument about why there may not be persuasive argument to do a QE3.”

On the other hand, there are some analysts who think that QE3 is inevitable (29%). PIMCO?s Bill Gross, manager of the world?s biggest bond fund, recently indicated that, ?Next Jackson Hole in August will likely hint at QE3/interest rate caps.? (Personally, I think that he?s probably just bitter that his forecast of a decline in Treasury Bond prices hasn?t materialized). One columnist wrote that the Fed?s arm will be twisted by the ongoing collapse of the housing market, while others have argued that the recent decline in the S&P 500 will spur the Fed into action. Most of us, however, believe that the Fed will adopt a wait-and-see approach before ultimately conceding that more easing is necessary.

For now at least, then, the prevailing assumption is that there will not be a QE3. As for how forex markets have digested this news, they have taken it in stride. The Dollar is now holding its value, and as I wrote in a previous post, it may even have bottomed out. Of course, it doesn?t hurt that the Euro is being punished by another flare-up in the sovereign debt crisis and investors are getting nervous about bubbles in emerging market currencies, all of which provide support for the dollar.

The fact that QE2 will soon end without having triggered financial apocalypse or hyperinflation ? as some cassandras initially predicted ? is something that is worth nothing. Of course, the proceeds of QE1 and QE2 will be recycled indefinitely into the markets, and forex investors can?t completely put quantitative easing behind them. Still, that there won’t be any more additional cash injected into commodities markets and emerging economy asset markets means that one of the main sources of downward pressure on the dollar has been eliminated.

Ironically, it is possible that the unveiling of QE3 could actually cause the dollar to rally. The reason is that there is still a tremendous amount of uncertainty in the markets, which provides the dollar with some safe haven demand. If the Fed were to concede that all is not well on the economic front and respond by more money printing, it could drive some safe haven flows into the US, even to the extent that it would overwhelm outflows driven by concerns over inflation.

Personally, I think the dollar will continue to hold its value, and perhaps even appreciate slightly in the near-term, as forex markets dither over the way forward.

http://www.forexblog.org/2011/06/has-the-us-dollar-hit-bottom.html Swiss Franc is the Only Safe Haven Currency
by Adam Kritzer
23 Jun 2011 at 10:11am

According to conventional market wisdom, there are three safe haven currencies: the Swiss Franc, Japanese Yen, and US Dollar. It is to these currencies that investors flock whenever there is a crisis, or merely an outbreak of uncertainty, and for much of the period following the collapse of Lehman Brothers, the three were closely correlated. As you can see from the chart below, however, one of these currencies has begun to distinguish itself from the other two, leading some to argue that there is now only one true safe haven currency: the Swiss Franc.

What’s not to like about the Franc? It boasts a strong economy, low inflation, and low unemployment. Unlike the US and Japan, Switzerland is not plagued by a high national debt and perennial budget deficits. Its monetary policy has been extremely conservative: no quantitative easing, asset-purchases, or any other money printing programs with euphemistic names.

Ironically, the only thing that makes investors nervous about the franc is that it has already risen so much. Remember when it reached the milestone of parity against the dollar in 2010? Since then, it has appreciated by an additional 20%, and seems to breach a new record on an almost weekly basis. The same goes for the CHF/EUR and CHF/JPY. The President of Switzerland’s export association is expecting further gains: “Parity is a realistic scenario. Given the indebtedness of the eurozone and the strong attraction of the franc, the euro is likely to continue to lose value.”

Given that Swiss exports have surged in spite of (or even because of) the rising Franc, however, he has very little to worry about at the moment. As you can see fromt he graphic below (courtesy of the Financial Times), the balance of trade continues to expand, and has exploded in a handful of key sectors. To be sure, economists expect that this situation will eventually correct itself and are already moving to revise downward 2011 and 2012 GDP growth estimates. Then again, they made the same erroneous predictions in 2010.

The main variable in the Swiss Franc is the Swiss National Bank (SNB). Having booked a loss of CHF 20 Billion from failed intervention in 2010, the SNB is not in a position to make the same mistake again. In fact, SNB President Philipp Hildebrand has not even stooped to verbal intervention this time around, undoubtedly cognizant of the fact that he has very little credibility in forex markets.

At the same time, the SNB is not in any hurry to raise interest rates, lest it stoke further speculative interest in the Franc. Its June meeting came and went without any indication of when it might tighten. Interest rate futures currently reflect an expectation that the first rate hike won’t come until March 2012. Thus, the downside of holding the Franc is that it will continue to pay a negative real interest rate. The only upside, then, is the possibility of further appreciation. Fortunately, the SNB is unlikely to stop the Franc from rising, since it serves the same monetary end as higher interest rates. In other words, a more valuable Franc serves as a direct check on inflation because it lowers the cost of commodity imports and should (eventually) soften demand for Swiss exports.

It is possible that the Swiss Franc will suffer a correction at some point, if only because it rose by such a large margin in such a short period of time. On the other hand, given that its economy has proved its ability to withstand the Franc’s appreciation, it’s no wonder that investors continue to bet on its rise.

Is it Possible to Trade Forex Part-time?
by Adam Kritzer
22 Jun 2011 at 10:17am

This week, I came across an article in the San Francisco Gate (which, incidentally, has really ramped up its forex coverage over the last year) that addressed this very topic. Given that part-time forex traders probably outnumber those that practice the craft full-time, such an article was long overdue.

In sum, the author advises part-time traders to concentrate their trading during the busiest times of the day, or failing that, to simply trade the most active currency pairs during the period of the day that one happens to have time to trade. For example, if you wish to trade the USD/EUR but only have a limited amount of time to do so, you are advised to trade the opening of the New York and/or London sessions, at 8AM EST and 3AM EST, respectively. Alternatively, if you only have time to trade from midnight to 2am, for example, you are advised to trade currency pairs in which the quote currency is the Yen, because during that time the Tokyo session is “in full swing.”

Alas, this kind of strategy is based on a very dubious assumption, which is that you should aim to trade the currency pairs which are both the most liquid and most volatile (ignore the contradiction here), because this will yield the most profits. In other words, it’s easy to capture profits when trading pairs that tend to bounce around a lot and which are cheap and easy to buy and sell. Right?

If you read the Forex Blog with any regularity and are ware that my bend is towards fundamental analysis, it’s probably already obvious to you that I don’t think this is necessarily the case. Consider that forex is a zero-sum game. In other words, on average, 50% of traders win and 50% lose. [When you account for trading costs (i.e. spreads), its probably closer to 30% win and 70% lose, but let's ignore this for the sake of argument]. Thus, the way I see it, a trader that enters the market during the busiest times has the same chance of winning (~50%) as a different trader that enters the market during the least busy time of day. Either way you cut it, someone has to win and someone has to lose, and no amount of liquidity or volatility can rectify this situation.

Thus, my advice for part-time traders is to forget trading altogether. If you don’t have the time to constantly monitor the market, pore over charts, and develop technical strategy, the odds of winning are pretty low. On the other hand, why not shift your focus from trading to investing? Trading is difficult under the best of circumstances and even more difficult when you don’t have enough time to make a real commitment.

The only way around this is to shift your time horizon from minutes to days – or even weeks. This way, it won’t matter when you have time to trade. Spreads might be marginally higher (as evidenced in the spikes in he chart above, which shows how spreads fluctuate over time) for the USD/EUR at midnight than at 8am, but if you’re planning on holding the pair for more than 10 seconds (and your target profit is greater than 15 pips), this is basically irrelevant.

This way, you also don’t have to worry about carefully planning your entry and exit into positions. Entering a swing trade with a targeted profit of 500pips is probably just as good at 4am as it is at 7am, all else being equal. While this doesn’t necessarily increase the odds of success (above 50%), at least it gives you a great deal more flexibility in being a part-time trader.

Japanese Yen In ?No Man?s Land?
by Adam Kritzer
20 Jun 2011 at 8:52am

This, according to a hedge fund manager that has decided to cancel all of his fund’s bearish bets on the Japanese Yen. The reason: the yen is rising, and it’s unclear when – or even if – the government will intervene to push it back down. Even though the yen’s strength is fundamentally illogical, it seems that investors are growing increasingly wary of betting against it.

As I pointed out in my previous post on the Yen (“Japanese Yen Strength is Illogical, but Does it Matter?“), the yen has actually fallen over the last twelve months, on a correlation weighted basis (though to be fair, it has staged a pretty impressive comeback since the beginning of April). Unfortunately, investors mainly care about how it is performing against a handful of key currencies, namely the US Dollar. Simply, the yen continues to rise against the dollar, and it is unclear when it will stop.

Japanese government analysis has indeed confirmed that “speculators” are behind the strong yen, as the alleged wide-scale repatriation of yen by Japanese insurance companies has yet to materialize. Of course, there isn’t really much doubt: Japan’s economy is contracting, due to decrease in output spurred by the tsunami. In May, it recorded its second largest monthly trade deficit ever.

Meanwhile, interest rates and bond yields are pathetically low, and the Bank of Japan is being urged to expand its asset buying program, which would theoretically result in a devaluation of the yen. As  a result, retail Japanese forex traders (nicknamed “Mrs. Watanabes“) have resumed shorting the Yen as part of a carry trade strategy.

Alas, speculators either don’t share their pessimism or are running out of patience. While everyone continues to assume that the BOJ will intervene if the Yen rises to 80 against the dollar, no one can be sure whether the line in the sand might not be 78 or even 75. At this point, intervention seems to hinge more on politics than on economics, which means predicting it is beyond the scope of this post. In other words, “There is too much uncertainty and volatility in markets right now to make that yen trade appealing.” And sure enough, the most recent Commitments of Traders data shows that speculators have been re-building their yen long positions over the last month.

In the end, the speculators are probably right. The Bank of Japan has intervened twice over the last twelve months, and the impact has always been short-lived. Besides, given that many speculators still remain committed to shorting the yen, it remains extraordinarily vulnerable to the kind of short squeeze that sent it soaring 5% in a single session en route to the record high it touched in March.

I’m personally still bearish on the yen, but I also think it’s too risky to short it against the dollar, which seems to be declining for its own reasons. As you can see from the chart below, the yen has fallen against virtually every other major currency. Yen shorters, then, might be wise to avoid the dollar altogether and focus instead on any number of other currencies.

http://www.bloomberg.com/news/2011-06-17/japan-recovery-means-boj-can-avoid-adding-stimulus-muto-says.html Forex Volatility Continues Rising
by Adam Kritzer
17 Jun 2011 at 9:38am

This week witnessed another flareup in the eurozone sovereign debt crisis. As a result, volatility in the EUR/USD pair surged, by some measures to a record high. Even though the Euro rallied yesterday and today, this suggests that investors remain nervous, and that going forward, the euro could embark on a steep decline.

There are a couple of forex volatility indexes. The JP Morgan G7 Volatility Index is based on the implied volatility in 3-month currency options and is one of the broadest measures of forex volatility. As you can see from the chart above, the index is closing in on year-to-date high (excluding the spike in March caused by the Japanese tsunami), and is generally entrenched in an upward trend. Barring day-to-day spikes, however, it will take months to confirm the direction of this trend.

For specific volatility measurements, there is no better source of data than Mataf.net (whose founder, Arnaud Jeulin, I interviewed only last month). Here, you can find data on more than 30 currency pairs, charted across multiple time periods. You can see for the EUR/USD pair in particular that volatility is now at the highest point in 2011 and is closing in on a two-year high.

Meanwhile, the so-called risk-reversal rate for Euro currency options touched 3.1, which is greater than the peak of the credit crisis. This indicator represents a proxy for investor concerns that the Euro will collapse suddenly, and its high level suggests that this is indeed a growing concern. In addition, implied volatility in options contracts has jumped dramatically over the last week, which confirms that investors expect the euro to move dramatically over the next month.

What does all of this mean? In a nutshell, it shows that panic is rising in the forex markets. Last month, I used this notion as a basis for arguing that the dollar safe-haven trade will make a come-back. This would still seem to be the case, and should also benefit the Swiss Franc, which is nearing an all-time high against the euro. Naturally, it also implies that forex investors remain extremely concerned about a continued decline in the euro, and are rushing to hedge their exposure and/or close out long positions altogether.

Mataf.net suggests that this could make the EUR/USD an interesting pair to trade, since large swings in either direction will necessarily create opportunities for traders. While I have no opinion on such indiscriminate trading [I prefer to make directional bets based on fundamentals], I must nonetheless acknowledge the logic of such a strategy.

http://www.forexblog.org/2011/05/interview-with-arnaud-jeulin-of-mataf-net-try-a-lot-of-strategies.html Euro Nears Breaking Point
by Adam Kritzer
16 Jun 2011 at 8:33am

It’s deja vu all over again in the forex markets as another twist in the sovereign debt crisis has sent the euro tumbling by the greatest margin in nearly a year. It was only last month that I posted “The Euro (Still) has a Greek Problem,” and yet, forex markets are once again reacting to the possibility of a Greek default as thought it were a new development. At the very least, investors finally seem to be acknowledging the inevitable.

There have been several factors at work in this latest episode. On Monday, S&P downgraded its credit rating for Greece to CCC, following on a similar move by Moody’s. That means that Greece’s sovereign credit rating is now the lowest in the world, behind such eminent economies as Grenada and Ecuador. While the move was hardly noteworthy in itself, it represents one more straw on the camel’s back.

Greece’s government is increasingly unstable, and Prime Minister George Papandreou has become so desperate that he has suggested forming an alliance with Greece’s most powerful opposition party. Meanwhile, violent riots outside Greek Parliament have reportedly become a daily occurrence, as the Greek populace has proven unwilling to accept wage cuts and tax increases.

As if that weren’t enough, there is tremendous uncertainty surrounding the next stage of the Greek bailout. No one can agree on what amount to give and what should be stipulated in return. Some parties think that private investors should be involved in the bailout by taking a “haircut” on the bonds that they own. Some members of the eurozone are balking about contributing any funds at all, wary of justifying it to their own citizens and that it is merely forestalling the inevitable.

I think the NYTimes offered the best summary: “Funding fatigue is growing in the north European creditor countries, especially Germany, the Netherlands, Finland and Austria, just as austerity fatigue is mounting in Greece.” When you consider that Greek interest rates and credit default swap spreads have surged to record highs, it seems that default is really inevitable. If the IMF and European Union are so determined, they can push off default until 2013. Still, default now or default then is still default.

At this point, then, the only real question is what happens when Greece defaults. Will it be forced to leave the Eurozone? Will that push the rest of the Eurozone fringe closer towards default? Will the Euro collapse and cease to exist as a currency? What will happen then?

Unfortunately, I think the answer to all of these questions is yes. At the very least, Greece will be forced out of the eurozone. Bondholders will push interest rates in Ireland, Spain, and Portugal up to double-digit levels, trapping them in the same cycle in which Greece is currently ensnared. Given the exposure of French and German banks to the sovereign debt of financially troubled eurozone members, they will also require state bailouts, and so on.

In a recent op-ed published in The Financial Times, celebrity economies Nouriel Roubini argued that the only way to avoid a complete eurozone meltdown is if the euro depreciates rapidly “to restore competitiveness to the periphery” or if the European Union is able to rapidly achieve complete fiscal and economic union. Roubini argues that the former is difficult because of the ECB’s hawkishness, while the latter is precluded by political hurdles that remain too formidable to overcome.

As Greece inches ever closer to default, the markets will increasingly become gripped by utter uncertainty over the questions that I posed above. Central Banks will stop accumulating euro-denominated assets, and investment funds will similarly shun Europe. (In fact, there is already evidence that this is happening). While European interest rates are attractive relative to the rest of the G4, they are hardly enough to compensate investors for this uncertainty. And when the markets come to terms with this, the euro might finally reach its breaking point.

S&P 500 Decouples from Euro?
by Adam Kritzer
14 Jun 2011 at 9:58am

While I have written quite about forex correlations in recent posts, the focus has primarily been on correlations that exist between currencies. In this post, I would like to address a correlation that exists between currencies and other forex markets- specifically the relationship between the Euro and US stocks.

If you look at the chart above, you can see that an unmistakable correlation exists between the S&P500 and the EUR/USD that stretches back at least six months. Generally speaking, when the EURUSD has risen, so has the S&P 500, and vice versa. In fact, this correlation is so airtight that one analyst recently discovered that the two financial vehicles often reach intra-day highs and lows within minutes of one another!

Why is this the case? In a nutshell, it is because the Euro – especially relative to the dollar – is a proxy for risk appetite. The same is necessarily true for US stocks. When investors are confident in the strength of the global economic recovery and the possibility of crisis is distant, the euro will rise. This has nothing to do with fundamentals in Europe, which are probably at least as bad as they are in the US. Of course, it may be connected with dollar weakness, since it is arguably the case that quantitative easing has both depressed the dollar and buoyed US stocks.

As I intimated in the title of this post, however, the S&P recently decoupled from the euro. Since the beginning of June, US equities have declined sharply, to the extent that they have given back most of their gains in the year-to-date. The EUR/USD, meanwhile, continued rising all the way until last week. While this has happened on a couple previous occasions, this was perhaps the sharpest break between the two.

I’m personally at a loss to explain why this happened. It has been conjectured that the driving force behind the correlation is algorithmic trading, and that hence, it must also represent the source of the break. In other words, high-frequency traders – which account for an ever-increasing proportion of forex volume – tweaked their trading algorithms so as not to buy the S&P 500 when the EURUSD rises, and vice versa.

It’s probably also the case that S&P 500 was falling for endogenous reasons- specifically a decline in GDP growth and earnings expectations which need not necessarily reflect itself in a stronger euro. In fact, in a normal functioning market, you would expect an inverse correlation; strong US economic fundamentals should translate into both a strong dollar and rising stocks. Could it be that worsening fundamentals are manifesting themselves in the form of a weak dollar and weak stocks?

Alas, the correlation has re-established itself over the last week, which means this is largely a moot issue. At the very least, it’s still worth being aware of, both insofar as it remains intact and in the event that it breaks down again.

 

DailyFX - Forex Market News
Forex Market News

Dollar at Risk of Fresh Plunge as Dow Moves to Test Multi-Year Highs
by John Kicklighter, Currency Strategist
3 Feb 2012 at 8:34pm
Though the dollar ended Friday in the red, its performance was too bad. A sharp correction of intraday gains for the Dow Jones FXCM Dollar Index would leave the benchmark in the red, but it nevertheless ended well off the week’s lows.

Forex Trading Weekly Forecast - 02.06.2012
by John Kicklighter, Currency StrategistDavid Rodriguez, Quantitative StrategistIlya Spivak, Currency StrategistMichael Boutros, Currency StrategistChristopher Vecchio, Currency AnalystDavid Song, Currency Analyst
3 Feb 2012 at 7:54pm
US Dollar Risks Collapse on Dow Surge…If this is a True Risk Rally Euro Fails to Crack $1.32 – Greek Tragedy Enters Final Act Japanese Yen Outlook in Disarray as Greek Fiasco Beckons Intervention British Pound To Reverse Course As BoE Expands QE Gold Fails to Break December Highs - Bearish Tone Australian Dollar At Risk Of Major Selloff Amid RBA Rate Cut When Will the Kiwi’s Remarkable Run End? Now.
Japanese Yen Outlook in Disarray as Greek Fiasco Beckons Intervention
by Ilya Spivak, Currency Strategist
3 Feb 2012 at 7:46pm
US Dollar Risks Collapse on Dow Surge?If this is a True Risk Rally
by John Kicklighter, Currency Strategist
3 Feb 2012 at 7:14pm
Euro Fails to Crack $1.32 – Greek Tragedy Enters Final Act
by Christopher Vecchio, Currency Analyst
3 Feb 2012 at 5:53pm
British Pound To Reverse Course As BoE Expands QE
by David Song, Currency Analyst
3 Feb 2012 at 5:51pm
Gold Fails to Break December Highs - Bearish Tone
by Michael Boutros, Currency Strategist
3 Feb 2012 at 5:49pm
Australian Dollar At Risk Of Major Selloff Amid RBA Rate Cut
by David Song, Currency Analyst
3 Feb 2012 at 5:47pm
When Will the Kiwi’s Remarkable Run End? Now.
by Christopher Vecchio, Currency Analyst
3 Feb 2012 at 5:46pm
USD Index To Breakout Of Downward Trend, AUD Outlook Weighed By RBA
by David Song, Currency Analyst
3 Feb 2012 at 10:00am
The greenback is struggling to hold its ground during the North American trade, with the Dow Jones-FXCM U.S. Dollar Index paring the advance to 9,760, but we should see the greenback appreciate further next week as the recent developments coming out of the world’s largest economy dampens the prospects for additional monetary support.

Guest Commentary: Gold & Silver Daily Outlook 02.03.2012
by Lior Cohen, Energy Analyst for Trading NRG,
3 Feb 2012 at 9:19am
Gold and silver continued their upward trend of recent weeks as they have slightly advanced again during yesterday's trading. This rally might change direction, depending on the upcoming results of the U.S. payroll report, which will be published today; the current expectations are it will show growth in non-farm employment of 170-250 thousand.

Guest Commentary: MarketVisionTV.com - Will you be SHAFTED by the Euro Today?
by Ed Matts, MarketVisionTV.com,
3 Feb 2012 at 8:10am
The Euro continues to beg the consolidation top versus trend continuation question.. by remaining within the 1.3025-1.3235 range.

Commodity Currencies Surge as U.S. Economy Adds 243K Jobs in January
by Christopher Vecchio, Currency Analyst
3 Feb 2012 at 7:47am
The U.S. Dollar took a hit following the January jobs report data, which showed the U.S. unemployment rate dropped to 8.3 percent. However, the Greenback’s weakness is a short-term phenomenon, as the print dampens the need for more easing by the Federal Reserve.

U.S. Dollar Reversal Underway, Euro Eyes 23.6% Fib
by David Song, Currency Analyst
3 Feb 2012 at 7:25am
The better-than-expected Non-Farm Payrolls report propped up the U.S. dollar on Friday, and the reserve currency may continue to recoup the losses from the previous month as the development dampens the prospects for additional monetary support.

Crude Oil, Metals Likely to Rise if US Jobs Data Stokes QE3 Bets
by Ilya Spivak, Currency Strategist
3 Feb 2012 at 2:55am
Crude oil, copper and precious metals prices are likely to rise if a slowdown in US job creation stokes expectations of the near-term arrival of new Fed stimulus.

 

World business news - CNNMoney.com
From CNN and Money magazine, CNNMoney.com combines business news and in-depth market analysis with practical advice and answers to personal finance questions.


U.S. charges oldest Swiss bank in tax fraud case
2 Feb 2012 at 4:35pm
The Justice Department charged Switzerland's oldest bank Thursday with helping American taxpayers hide more than $1.2 billion from the Internal Revenue Service. The case marks the first time an overseas bank has been charged in the U.S. for aiding tax evasion.

Spain's big fix will enrage many workers
2 Feb 2012 at 5:49am
Exclusive: Spain's economy minister Luis de Guindos shares the details of a reform package that could help get the country's economy back on track, but it will not go over well with many workers.

Investing overseas: Find the right balance
2 Feb 2012 at 3:17am
Whoever said that the world can be a scary place sure wasn't kidding. Consider a few of the frighteningly noteworthy events of the past year: Europe's economy slipped into a debt-induced coma; the euro went from being a potential global store of value to a currency on the brink of extinction; and growth in overheated markets like China and Brazil started to slow, prompting a nosedive in their equity prices.

Place your bets on Facebook's IPO -- literally
3 Feb 2012 at 10:49am
Facebook has finally filed for an IPO, but it likely won't start trading for months. For those who can't wait to gamble on the stock market, bookies are accepting bets.

Europe's debt crisis: Where things stand
1 Feb 2012 at 11:52am
After wreaking havoc in global financial markets last year, the debt crisis in Europe has entered a complicated new phase in 2012.

Chrysler: From bankruptcy to profit in 2 years
1 Feb 2012 at 7:29am
Chrysler Group reported its first annual profit since 2005 Wednesday, capping a comeback a little more than two years after a federal bailout, a bankruptcy filing and a takeover by Italian automaker Fiat.

China manufacturing gives off mixed signals
1 Feb 2012 at 6:42am
The Chinese government said Wednesday that manufacturing in the world's second-largest economy expanded slightly in January, while a report from a leading bank indicated contraction in the sector for the third straight month.

NYSE-Frankfurt stock exchange merger blocked
1 Feb 2012 at 11:40am
The parent company of the New York Stock Exchange said Wednesday that it plans to end its proposed merger with the parent of the Frankfurt exchange, after European officials blocked the deal.

Forget Iran, Iraq is threatening oil prices
31 Jan 2012 at 7:28am
The deteriorating situation in Iraq is leading some analysts to worry that the country may not be able to meet its lofty goals for rapidly ramping up oil production.

Exxon reports $9.4 billion profit
31 Jan 2012 at 10:43am
Exxon reported a 2% rise in fourth-quarter earnings Tuesday, even as oil and gas production fell.

Chinese auto parts could spark next trade fight
31 Jan 2012 at 1:32pm
A coalition of labor and trade activists joined Democratic lawmakers from industrial states Tuesday to push the Obama administration to take action against the growing imports of auto parts from China.

EU leaders back fiscal pact, bigger firewall
30 Jan 2012 at 3:56pm
European Union leaders agreed to strengthen a financial firewall and most members of the 27-nation group will sign a new fiscal compact. But the first summit of the year ended without new solutions for the debt crisis in Greece.

Carnival alters forecast after cruise ship tragedy
31 Jan 2012 at 12:08pm
Carnival Corp. lowered its 2012 forecast on Monday to reflect the fatal accident of a cruise ship off the coast of Italy earlier this month, as well as the rising cost of fuel. (see correction below)

Euro: Putting lipstick on the PIIGS
31 Jan 2012 at 6:01am
Maybe the euro isn't doomed after all?

Greek anxiety drags down world markets
30 Jan 2012 at 10:56am
World markets were under pressure Monday, dragged down by uncertainty in Europe, where leaders have failed to agree on a solution for the Greek debt crisis.