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Archive for January 30th, 2008Credit crunch fears dash Fed relief rallyPosted by UK Economy News
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30Jan 08 Financial markets rallied on Wednesday in a brief celebration over a U.S. Federal Reserve interest rate cut that sent the Dow industrials 200 points higher before revived credit crunch fears erased the gains.
Read full story Gold rises toward record high after Fed rate cutPosted by UK Economy News
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30Jan 08 Gold rose toward its record high above $930 an ounce on Wednesday as the dollar tumbled after the U.S. Federal Reserve aggressively slashed key interest rates and left more room for further rate cuts to boost the U.S. economy.
Read full story Comments Off Societe Generale chief stays but crisis team takes chargePosted by UK Economy News
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30Jan 08 Societe Generale's board on Wednesday kept faith with chairman Daniel Bouton but left him off a new committee to take charge of the crisis over multi-billion-dollar rogue trader losses.
Read full story Comments Off With new cut, Fed takes aggressive move to head off downturnPosted by UK Economy News
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30Jan 08 The US Federal Reserve slashed its base federal funds rate a half-point Wednesday to 3.0 percent in its second cut in eight days to help an economy that some say is on the brink of recession.
Read full story Comments Off SocGen boss survives calls to quitPosted by UK Economy News
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30Jan 08 Societe Generale fought off political pressure to sack its chairman on Wednesday after suffering the world's worst financial trading scandal, but the French bank failed to quash persistent takeover speculation.
Read full story Comments Off Boeing banks record 2007 profits, warns on 787 delaysPosted by UK Economy News
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30Jan 08 US aerospace giant Boeing reported Wednesday record profits in 2007 and raised its outlook for 2008, saying productivity gains would offset delays in its 787 Dreamliner program.
Read full story Comments Off Fed cuts base rate half-point to 3.0 percentPosted by UK Economy News
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30Jan 08 The US Federal Reserve trimmed its base federal funds rate a half-point Wednesday to 3.0 percent in its second cut in eight days to help an economy that some say is on the brink of recession.
Read full story Comments Off Saudi Arabia says oil supply, demand situation ’sound’Posted by UK Economy News
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30Jan 08 Saudi Arabia -- the world's biggest producer of crude -- said Wednesday that the current supply and demand situation for oil was "sound," ahead of an OPEC production meeting.
Read full story Comments Off FBI’s subprime crackdown may expandPosted by UK Economy News
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30Jan 08 The FBI's investigation of 14 corporations in a crackdown on improper subprime lending could expand to other companies, but the complex probes may take some time before any charges are brought, a federal law enforcement official said on Wednesday.
Read full story Comments Off Societe Generale chief stays but crisis team takes chargePosted by UK Economy News
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30Jan 08 Societe Generale's board on Wednesday kept faith with chairman Daniel Bouton but left him off a new committee to take charge of the crisis over multi-billion-dollar rogue trader losses.
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