Business News
Asian markets extend world rout on recession fears
LONDON - European and Asian stock markets tumbled Thursday after recession fears sent Wall Street plunging the day before. The FTSE 100 index of leading British shares was down 87.46 points, or 2.2...
Oil prices fall below $53 on fears of deep recession
Oil prices fell below $53 to almost a two-year low Thursday as investors, worried by plummeting stock markets, priced in lower crude demand as the global economic downturn shapes up to be the worst in...
AstraZeneca to cut jobs, close plants in Europe
LONDON - Pharmaceutical company AstraZeneca PLC said Thursday it plans to close three plants in Spain, Belgium and Sweden and cut 1,400 jobs in Europe by 2013 to improve efficiency and expand investme...
Peugeot Citroen announces plans to cut 2,700 jobs
PARIS - French automaker PSA Peugeot Citroen said Thursday it plans to cut 2,700 jobs in response to a worsening economic crisis that has seen European car sales plummet. The plan, to be carried ou...
Four Nordic countries to lend Iceland $2.5 billion to rebuild economy
HELSINKI, Finland - Finland's Finance Ministry says four Nordic countries will lend Iceland $2.5 billion (euro1.98 billion) to help the country recover from its economic meltdown. Finance Ministry ...
Oil falls below $53 on fears of deep recession
SINGAPORE - Oil prices fell below $53 to almost a two-year low Thursday in Asia as investors, egged on by plummeting stock markets, priced in lower crude demand from a global economic downturn that's ...
Asian stock markets tumble after Wall Street rout
HONG KONG - Asian stock markets tumbled Thursday, with Japan's main index losing nearly five per cent, after fears of a protracted recession sent Wall Street plunging to it lowest point in five years....
Isuzu to shed 1,400 contract workers this year as it reacts to global meltdown
TOKYO - Isuzu Motors Ltd. will shed all temporary and part-time manufacturing workers, the latest of Japan's automakers to scale back production as overseas demand fades. The elimination of the 1,4...
International Monetary Fund finally approves US$2.1B loan to Iceland
WASHINGTON - The International Monetary Fund on Wednesday approved a two-year, US$2.1-billion support program for Iceland designed to restore confidence and stabilize the country's shattered economy. ...
Boeing says aircraft orders have peaked and will shrink from here
MINNEAPOLIS - Boeing Co. has seen its orders peak and the number of planes in its backlog will probably decline going forward, the chief of its commercial airplanes division said on Wednesday. "Thi...
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