Business, Finance and Market News

World Business News

China, Japan praise mortgage giant rescue

5:32pm  | The two biggest buyers of Freddie Mac and Fannie Mae bonds praised Washington's move, while investors harboured no illusions the bailout would end the credit market woes.

OPEC grapples with falling oil prices

2:30pm  | Analysts expect OPEC ministers meeting today in Vienna to agree to trim output to help keep crude above $US100 a barrel.

Fannie, Freddie takeover a pre-emptive strike

housing 12:30pm  | Mounting credit losses and waning foreign appetite prompted the government to launch what may become the most costly bailout in US history.

Hong Kong battered, not yet bowed

12:16pm  | Hong Kong rides Asia's economic roller-coaster.

Euro region's debt woes

11:54am  | A decade of investing more than they've earned in profits has loaded corporations in the 15-nation euro area with debt, leaving them exposed.

China urges banks to lend more

11:42am  | China has again urged banks to increase loans to help reconstruction in areas hit by natural disasters in order to bolster economic growth.

US takes over mortgage giants

US flag 8:53am  | US government seizes control of Fannie Mae, Freddie Mac after surge in mortgage defaults; price tag may top $US200b.

Paulson, Bernanke meet Fannie, Freddie chiefs

There is speculation the Bush Administration is finalising a plan for injection of government funds in Fannie Mae and Freddie Mac.

US job cuts spark fresh recession fears

Job ads US unemployment jumped to a five-year high of 6.1% in August as 84,000 jobs were slashed.

Dell to sell its factories

US computer maker Dell is planning to sell its factories around the world to contract manufacturers within 18 months.

Samsung Electronics mulls its biggest ever acquisition

Samsung Electronics said it may buy SanDisk Corp., the US memory card maker with a market value of $3.6b, in what would be the South Korean company's biggest acquisition.

Fed officials see US slowdown ahead

US Federal Reserve Federal Reserve officials say the US economy seems on the verge of another slowdown but may leave interest rates on hold.

Inflation remains main worry of Europe's central bank

Europe's central bank says it remains on fighting inflation even after cutting its economic growth forecasts.

BP settles Russian oil tiff for now

BP to oust the chief executive officer of TNK-BP to end an eight-month dispute with billionaire investors in the Russian joint venture.

Wal-Mart sales give glimmer of retail hope

Wal-Mart's August sales exceeded analysts' estimates after discounts lured shoppers from department stores.

Qantas ad claims queried

UK ad watchdog investigates Qantas claim that it is the 'world's most experienced' airline.

Lehman mulls 'bad' bank spinoff for $39b sour debt

Lehman may shift about $38.6b of commercial mortgages and real estate to a new company that will be spun off.

Steps needed to halt financial 'tsunami'

The US government needs to act to stem a burgeoning ``financial tsunami,'' bond boss says.

US economic gloom deepens

US dollars US service industries grew in August, while more Americans filed unemployment benefit claims, underscoring the poor job market.

Rich cry poor: US housing crisis goes upmarket

Housing estate in Florida, USA. The pain of the worst housing slump in a quarter century is reaching the highest end of the US market as owners of luxury homes slash list prices by millions

Gustav exposes celebrity pretensions

Hurricane Gustav exposes mixed motivations of Angelina Jolie's New Orleans housing projects.

OPEC output to remain at record pace

OPEC, the supplier of 40% of the world's oil, will probably keep producing at a record pace as $US109-a-barrel crude squeezes the global economy.

Hedge fund star Anderson falls to earth

Hedge fund star Dwight Anderson falls to earth, brought down by bad bets on commodities.

Fed report shows most of US economy 'slow'

US Federal Reserve Business across most of the US was 'slow' last month, while almost all districts reported pressure to raise prices.

'Big Three' automakers not so big

Honda overtakes Chrysler in US sales, leaving the 'Big Three' a historical curiosity.

Crash test for China property market

China's banking regulator urges lenders to crash-test the impact of a cooling real estate market.

Coke in China juice bid

Coke Coca-Cola's bid to buy China Huiyuan Juice Group will make it the biggest juice maker in the most populous nation.

Wealth funds back investment code

Global sovereign wealth funds have reached a preliminary agreement on a set of voluntary principles to guide their investment practices and to calm fears about their motives.

Murdoch's fantasies revealed

Rupert Murdoch. Rupert Murdoch yearns to buy the New York Times and toyed with acquiring a sizable minority stake in Bloomberg News.

Leave interest rates where they are, OECD says

OECD calls on central banks to keep interest rates at their current levels as they try to balance strong inflation with weak growth.