Archive for June 25th, 2009

If economic optimism had a hue, it would be copper. The industrious metal that’s used in everything from water pipes to electrical wires is one of the first commodities to recover following a downturn, making it a favorite among investors eagerly awaiting a turnaround. That was the case on Thursday when U.S. data showed that… »

American International Group said Thursday that it reduced its obligations to the Federal Reserve Bank of New York by 25 billion, leaving it with just 15 billion more to pay back to one of its most important regulators and rescuers. But the New York Fed is a long way off from being able to retire… »

Quarterly results from ConAgra Foods on Thursday proved that budget-minded consumers will buy brand-name products if they consider them a good value. Convenience and price dictate shoppers’ buying decisions, resulting in double-digit sales growth for the Omaha, Neb.-based company’s frozen meal lines like Healthy Choice, Marie Callender’s and Banquet. On Thursday, ConAgra Foods said enhanced… »

In March, strategists from Barclays Capital, the investment banking arm of Barclays, made the bold call that the U.S. stock market was near its bottom and that the global economy had bottomed out. What followed were months of what head of research Larry Kantor calls “the recovery trade,” with developed markets rising up to 40%… »

It’s not easy being Ben. Did he threaten Lewis? Why didn’t he oversee Bank of America more closely? Why didn’t the government disclose its assistance? Is the Federal Reserve manipulating the housing market with Blackrock? On Thursday Fed chairman Ben Bernanke held his ground against the skeptical congressional committee that has been holding weeks of… »

MUMBAI – In a rare and refreshing move, the Indian government has tapped a corporate executive to take charge of a long-delayed project to provide identification numbers to its 1.1 billion citizens, akin to a social security number. Nandan Nilekani, the much respected co-chairman of Infosys Technologies , India’s second largest IT firm, will head… »

It’s easy to be downbeat about Ireland, with the IMF now warning that Irish bank losses could reach 35 billion euros and its economic troubles exceed those of “any other advanced economy.” Yet there’s a bright spot in the country’s exports.In April, Irish exports rose 6%, according to data released on Thursday, compared with Japan,… »

With the global economy sliding into recession, a budget furniture chain like Ikea should be perfectly placed to clean up hard-bitten home improvers. But right now, it’s not. The collapse of the housing market has finally hit home for the Swedish flat-pack furniture king. Outgoing managing director Anders Dahlvig earlier this week announced 5,000 job… »

If Switzerland made a move on its currency this week, it could be both dubious and trend-setting.Analysts believe other central banks could consider alternative means to stimuluate their economies after the Swiss franc fell sharply on Wednesday, leading to speculation that the Swiss National Bank had intervened to weaken the currency by selling it. The… »

HONG KONG – Merger news in Japan and a weaker yen boosted the Nikkei benchmark to gain the most in more than a month. Seoul shares also climbed over 2% after the government said the South Korean economy would not shrink as much as its initially forecast. South Korean Finance Minister Yoon Jeung-hyun said on… »