Business News Archive - November 18, 2008
Inflation in Britain fell in October by the biggest margin since 1997, possibly signaling a central bank lending rate cut in December, an economist said. Howard Archer, chief economist at IHS Global Insight said the pace of inflation dropping from 5.2 percent in September to 4.5 percent in October, reinforces the belief that the Bank of England will cut interest rates sharply further in December as it tries to limit the length and depth of the recession, the Times of London reported Tuesday. Core inflation, which leaves out food an energy prices, dropped from 2.2 percent to 1.9 percent, a sign retailers are dropping prices on a wide variety of goods, The Times reported. Archer predicted inflation would drop to 0.5 percent, while the Bank of England said it could drop below its target rate of 2 percent and reach 1 percent next year. Jonathan Loynes of Capital Economics took the issue one step further, predicting the inflation rate could fall below zero.
U.S. markets started with tentative gains Tuesday as technology news sent the Nasdaq index into positive territory. Reports that Yahoo Inc! Chief Executive Officer Jerry Yang would step down could lift Microsoft Corp. share values, The Wall Street Journal reported Tuesday.
Russia's state-run uranium mining concern Atomredmetzoloto said it would increase uranium production to 3,841 tons this year. Proven uranium reserves in Russia have reached 545,000 metric tons, a 275 percent increase from 2006, Natural Resources Minister Yury Trutnev said Tuesday, RIA Novosti reported. Atomredmetzoloto, known as ARMZ, plans to increase production to 20,000 tons per year by 2024, the report said, making it the world's largest producer.
U.S. Treasury Secretary Henry Paulson Jr.
The chairman of the Federal Deposit Insurance Corp., Sheila Bair, told members of Congress U.S mortgage foreclosures continue to undermine economic recovery. As foreclosures escalate, we are clearly falling behind the curve, Bair said in testimony prepared for the House Financial Services Committee. However, she said, an FDIC proposal to create a guarantee program based on the mortgage-modifying interventions employed at IndyMac Federal Bank could prevent as many as 1.5 million avoidable foreclosures by the end of 2009. She also said the FDIC was working to streamline rules for the HOPE for Homeowners Act.
Canada's federal tax department has ordered the Internet retail clearing house eBay to report who is selling what in order to seek back sales taxes. At the request of the Canada Customs and Revenue agency, the Federal Court of Appeal ordered eBay to divulge their sellers, ranging from people who made
Florida's proposed buyout of U.S. Sugar Corp. to restore the Everglades has changed as the corporation said it was considering building an ethanol plant. The proposal to buy U.S.
An insider trading charge against Dallas Mavericks owner Mark Cuban may never find its way into a criminal court, a lawyer familiar with the process said. Phil Stern, who has worked in enforcement for the Securities and Exchange Commission, said SEC charges are generally handled as criminal cases when they're viewed to be egregious in terms of the number of people affected or if there's something out of the ordinary. The fact that Cuban is a well-known public figure in and of itself wouldn't cause the U.S.