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US jobless rate highest in 26 years
WASHINGTON: The US unemployment rate jumped to 10.2 percent in October as 190,000 jobs were shed, the government said yesterday in data highlighting ongoing struggles of an economy emerging from recession.
The Labour Department report, seen as one of the best indicators of economic momentum, show  [more...]
Posted on:11/7/2009

Gold price hits record after Sri Lanka purchase
Washington: The price of gold hit a record high above $1,100 an ounce in trading here yesterday following a report that Sri Lanka had joined India in purchasing the precious metal in favour of the US currency.
“The Central Bank of Sri Lanka has announced that it is buying gold to diversify its re  [more...]
Posted on:11/7/2009

Kuwait cuts naphtha term offer in surprise move
SINGAPORE: Kuwait Petroleum Corp (KPC) has for the first time cut its term naphtha offer to $13 a tonne premium, despite sealing a deal with one buyer at a higher price which would have been normally agreed by others, traders said yesterday. The latest offer has been accepted by three buyers, but th  [more...]
Posted on:11/7/2009

Dockers strike disrupts French ports
Paris: A strike by French dockers paralysed freight and transport and an oil terminal at France’s biggest port of Marseille yesterday and caused severe disruptions at Le Havre, the second busiest, operators said.
The strike was called by the main CGT union in all of France’s seven ports to protes  [more...]
Posted on:11/7/2009

British Airways to axe 1,200 jobs after losses balloon
London: British Airways revealed a quadrupling of net losses in its first half yesterday, and axed an extra 1,200 jobs in an “essential” cost-reduction programme. BA posted a loss after tax of £217m (¤242m, $361m) during the six months to September 30 compared with a loss of 49 million pounds durin  [more...]
Posted on:11/7/2009

China’s thirst for oil fields in Africa grows
Sharm el-Sheikh: China has dangled a near open cheque book to Africa’s major oil producers in a bid to guarantee supplies for decades to come. It has offered $30bn to Nigeria and is negotiating for stakes in oil fields in Ghana and Angola and companies that exploit the fields throughout Africa.
C  [more...]
Posted on:11/7/2009

Motorola Droid joins smart phone war
Washington: The Motorola Droid smart phone went on sale yesterday, joining the growing ranks of smart phones on the open-source operating system backed by Google.
With Droid, which will work on the Verizon telecom network, Motorola is taking on mobile devide powerhouses such as Apple, Nokia and R  [more...]
Posted on:11/7/2009

Google wants businesses to ride Wave
san francisco: Google pitched its fledgling Wave communications platform as a way for businesses to turn routine email into collaborative exchanges that ramp up productivity. Google Wave product manager Gregory D’Alesandre made his case at an Enterprise 2.0 Conference devoted to using Internet techn  [more...]
Posted on:11/7/2009

Dollar gains on euro afterUS jobs data

London: The dollar gained on the euro yesterday after a dismal US employment report prompted investors to shun the single currency for the safe haven of the greenback on a day when gold prices surged to a record high. The euro in late-day trade was at $1.4841 against $1.4868 on Thursday in New Y  [more...]
Posted on:11/7/2009

Uproar over flu vaccines for Wall Street firms
new york: News that US swine flu vaccines, meant to be prioritized for the nation’s most vulnerable, are being distributed to Wall Street firms such as Goldman Sachs sparked uproar yesterday. The New York Department of Health said Citigroup, Goldman Sachs and Morgan Stanley have applied for supplies  [more...]
Posted on:11/7/2009