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Archive for February 27th, 2008Sen. Reid to defy Bush on foreclosure rescue planPosted by UK Economy News
In UK financial news
27Feb 08 U.S. Senate Majority Leader Harry Reid said on Wednesday he planned to defy a threatened White House veto and try to win passage of a bill to curb rising home foreclosures by changing bankruptcy law.
Read full story EU says wealth funds welcome but must be more openPosted by UK Economy News
In UK financial news
27Feb 08 State-owned sovereign wealth funds armed with billions of dollars are welcome to invest in the European Union but should be more open about their motives and methods, the bloc's executive arm said on Wednesday.
Read full story Comments Off White House says oil producers should raise outputPosted by UK Economy News
In UK financial news
27Feb 08 The White House said on Wednesday that oil-producing countries should raise their output and domestic oil production should also be increased to help ease high energy costs.
Read full story Comments Off Oil slips as U.S crudePosted by UK Economy News
In UK financial news
27Feb 08 Oil eased towards $100 a barrel on Wednesday, reversing course from an early rally to record peaks after U.S. data showed a higher-than-expected rise in crude and gasoline stocks last week.
Read full story Comments Off France investigates consumer goods cartel claimsPosted by UK Economy News
In UK financial news
27Feb 08 French antitrust officials are investigating several multinational personal and household goods companies on suspicion they operated an illegal price-fixing cartel, some of the companies involved said on Wednesday.
Read full story Comments Off IMF says German export-led economy to be hit by global slowdownPosted by UK Economy News
In UK financial news
27Feb 08 The IMF slashed its 2008 German growth forecast to 1.5 percent on Wednesday, warning that weaker global economic activity would curb exports from the biggest European economy.
Read full story Comments Off Bernanke says weak growth may prompt more rate cutsPosted by UK Economy News
In UK financial news
27Feb 08 Federal Reserve chairman Ben Bernanke told Congress Wednesday that weak US economic growth may prompt the central bank is to cut short-term interest rates further if needed.
Read full story Comments Off EU’s McCreevy says rating firms need more robust stepsPosted by UK Economy News
In UK financial news
27Feb 08 Credit rating agencies must take stronger steps than they have proposed so far to help restore confidence in financial markets, the European Union's top market regulator said on Wednesday.
Read full story Comments Off US mortgage finance firm Fannie Mae posts 2.1 bln lossPosted by UK Economy News
In UK financial news
27Feb 08 Fannie Mae, a leading US financing provider for mortgages, said Wednesday it swung into a loss of 2.1 billion dollars in 2007 amid a deepening housing downturn and warned of "another tough year."
Read full story Comments Off Dollar dives to record euro low; oil and gold score record highsPosted by UK Economy News
In UK financial news
27Feb 08 The dollar plunged Wednesday to another record euro low thanks to a stream of negative US data, while the tumbling greenback helped crude il and gold prices hit historic highs, analysts said.
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