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Encouraging US data support dollar, euro slips

Encouraging US data support dollar, euro slips

NEW YORK: The dollar inched up on Friday against a basket of currencies on encouraging data on US producer prices and industrial output, while the euro ended a good week on a weak note even as the Greek parliament approved a new bailout agreement. The greenback stabilized after weakening earlier this week when China devalued […]

August 15, 2015 | By | Reply More
Wall St edges up after upbeat data, Greek bailout agreement

Wall St edges up after upbeat data, Greek bailout agreement

NEW YORK: US stocks ended a volatile week higher on Friday after upbeat US economic data and as euro zone finance ministers agreed to launch a third bailout program for Greece. All three major indexes also ended the week with slight gains, bouncing back from losses earlier in the week set off by worries over […]

August 15, 2015 | By | Reply More
Hedge funds take fresh look at General Motors in second quarter

Hedge funds take fresh look at General Motors in second quarter

BOSTON: Several prominent hedge fund managers made bigger bets on U.S. automaker General Motors during the second quarter, despite the company’s battling a deadly ignition defect and tangling with shareholders over its stock price. Greenlight Capital’s David Einhorn bought 7.9 million shares between April and the end of June, raising his investment to 14.6 million […]

August 14, 2015 | By | Reply More
Dollar gains on solid US economic data

Dollar gains on solid US economic data

NEW YORK: The dollar gained against the euro on Friday (Aug 14) after solid US economic data boosted the chances of a Federal Reserve interest rate increase. Besides the euro, the dollar advanced on the pound, dipped against the Japanese yen and was essentially flat against the Swiss franc. The Labor Department said its producer […]

August 14, 2015 | By | Reply More
Scrapping the ban

Scrapping the ban

WHEN the economics textbooks of the future are written, America’s ban on crude-oil exports will be a fine example of the perverse effects of protectionism. Similarly, a new decision by Barack Obama’s administration to allow American firms to sell some oil to Mexico will earn an honourable footnote in the story of the ban’s demise. […]

August 14, 2015 | By | Reply More
Eurozone approves Greek bailout in return for far-reaching reforms

Eurozone approves Greek bailout in return for far-reaching reforms

BRUSSELS: Eurozone finance ministers approved on Friday (Aug 14) a third bailout worth up to 86 billion euros (S134 billion) to keep Greece in the single currency in return for an unprecedented package of reforms that Athens had previously rejected. Earlier Friday, Greek lawmakers passed the accord following a bitter all-night debate on the conditions […]

August 14, 2015 | By | Reply More
Hedge funds added Apple shares in second quarter, filings show

Hedge funds added Apple shares in second quarter, filings show

BOSTON: Top U.S. hedge funds bought new shares of Apple Inc during the second quarter or added to their existing positions, ahead of a decline in the value of shares of the iPhone maker. Filings with the U.S. Securities and Exchange Commission released on Friday showed David Tepper’s Appaloosa Management LP held 2.5 million shares […]

August 14, 2015 | By | Reply More
US stocks gain on solid economic data

US stocks gain on solid economic data

NEW YORK: Wall Street stocks rose on Friday (Aug 14), closing the week on a high note following solid US data on wholesale prices and industrial production. The Dow Jones Industrial Average rose 69.15 points or 0.40 per cent to 17,477.40. The broad-based S&P 500 gained 8.15 (0.39 per cent) to 2,091.54, while the tech-rich […]

August 14, 2015 | By | Reply More
Malaysian ringgit at 17-year low on oil, politics, yuan

Malaysian ringgit at 17-year low on oil, politics, yuan

KUALA LUMPUR: Malaysia’s ringgit currency suffered one of its worst one-day declines on Friday, falling to a fresh 17-year low in a protracted slide blamed on concerns over low oil prices and political uncertainty. The ringgit has declined more than 25% over the past year and it weakened another 1.74% to 4.0805 to the dollar […]

August 14, 2015 | By | Reply More
France's Hollande says Greek bailout deal is thanks to Tsipras reform plan

France's Hollande says Greek bailout deal is thanks to Tsipras reform plan

PARIS: French President Francois Hollande on Friday welcomed the agreement reached by euro zone finance ministers to launch a third Greek bailout, saying it showed Europe could move forward after months of negotiations. “This decisive step was reached thanks to the determination of Alexis Tsipras’s government, which is on a path to courageous reforms whilst […]

August 14, 2015 | By | Reply More