Monday, 1 August 2011

HSBC sells 195 New York branches for $1bn

The disposal of 195 branches to First Niagara Bank was announced less than 12 hours before the bank publishes its financial results for the first half of the year, which are forecast to show a pre-tax profit of $10.9bn.

Iraq - BP will be paid even when production is disrupted?

BP has been accused of taking a "stranglehold" on the Iraqi economy after the Baghdad government agreed to pay the British firm even when oil is not being produced by the Rumaila field, confidential documents reveal.

Commodities hit

First of all, oil prices are hovering at unsustainable levels close to $120 per barrel.
Then there's the potential debt crises brewing, not in the private banks this time, but the central banks. US officials have been preparing for a possible, though unlikely, default, the dollar is near a record low.

Inflation is climbing, while analysts are warning that slowing growth could hit commodity demand.

Sunday, 31 July 2011

Obama announces US deficit deal between party leaders

Just two days before a deadline to lift the so-called debt ceiling, the White House and congressional leaders said the compromise would cut about $2.5 trillion from the deficit over the next 10 years but allow Mr Obama’s administration to carry on borrowing money until 2013.