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Archive for January 11th, 2008Oil falls below $93 on U.S. economic worriesPosted by UK Economy News
In UK financial news
11Jan 08 Oil fell below $93 a barrel on Friday, extending losses for the third consecutive day, on fears that a possible U.S. recession would weaken fuel demand from the world's largest energy consumer.
Read full story Bank of America to buy CountrywidePosted by UK Economy News
In UK financial news
11Jan 08 Bank of America said on Friday it agreed to acquire battered mortgage lender Countrywide Financial in a $4 billion (2.04 billion pound) transaction that could help avert one of the biggest collapses from the U.S. housing crisis.
Read full story Comments Off Factory output falls unexpectedlyPosted by UK Economy News
In UK financial news
11Jan 08 Manufacturing output fell unexpectedly in November, data showed on Friday, adding weight to the view that the economy slowed sharply at the end of last year.
Read full story Comments Off Oil prices aim higher on US rate cut hopesPosted by UK Economy News
In UK financial news
11Jan 08 World oil prices edged higher Friday amid ongoing geopolitical tensions and hopes that the US Federal Reserve will cut rates aggressively in a bid to boost the ailing American economy, traders said.
Read full story Comments Off Swiss bank UBS warns of difficult year aheadPosted by UK Economy News
In UK financial news
11Jan 08 Swiss banking giant UBS on Friday warned of a "difficult" year ahead after losing 10 billion dollars (6.8 billion euros) in the US subprime mortgage crisis.
Read full story Comments Off Gold price closes in on 900 dollars with new recordPosted by UK Economy News
In UK financial news
11Jan 08 The price of gold struck a historic high of 897.90 dollars per ounce on Friday owing to a weak dollar that reflected worries about slowing economic growth in the United States, traders said.
Read full story Comments Off Bank of America buys CountrywidePosted by UK Economy News
In UK financial news
11Jan 08 Bank of America announced Friday it was buying mortgage lender Countrywide Financial in a four-billion-dollar deal.
Read full story Comments Off Dollar steadier, as sterling suffersPosted by UK Economy News
In UK financial news
11Jan 08 The dollar was steadier in European trade Friday after tumbling a day earlier on expectations of further cuts to US interest rates, traders said.
Read full story Comments Off TimelinePosted by UK Economy News
In UK financial news
11Jan 08 (Reuters) - Northern Rock has sold a 2.2 billion pound portfolio of mortgages to U.S. bank JP Morgan, a first step to help the troubled lender repay loans from the Bank of England.
Read full story Comments Off Northern Rock sells assets to JP Morgan for 2.25 billion poundsPosted by UK Economy News
In UK financial news
11Jan 08 Stricken British bank Northern Rock said Friday it had sold part of its mortgage book to US investment bank JP Morgan for 2.25 billion pounds (4.39 billion euros, 2.97 billion dollars) in cash.
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