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Sunday, June 27, 2010

Business Updates

Latest Business Updates

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Latest news:
BusinessWeek: G-20 Said to Stress Need to Cut Deficits
Leaders will agree to targets to tackle deficits without prescribing when nations should begin to move to balance their books, according to officials
BusinessWeek: G-20 Protesters Burn Cars, Smash Starbucks Window
Group of 20 protesters smashed windows at stores and office towers and set three police cars ablaze as thousands of people marched through Toronto in the biggest rally yet during meetings of global leaders.
BusinessWeek: Gillard May Move to Slow Australian Population Growth
Julia Gillard, who last week replaced Kevin Rudd as Australian prime minister, may move to slow Australia’s population growth amid concerns about failing infrastructure and the nation’s environment.
BusinessWeek: Tropical Storm Alex Weakens Over Yucatan, Spares BP’s Cleanup
Tropical Storm Alex, the first named storm of this year’s Atlantic hurricane season, weakened over Mexico’s southern Yucatan Peninsula, sparing efforts by BP Plc to contain and clean up the largest oil spill in U.S. history.
Reuters: G20 leaders to strike balance between debt and growth
TORONTO (Reuters) - With a global recession behind them, world leaders meeting on Sunday will seek to show they can bolster a fragile economic recovery while also cutting massive government debt levels.
Reuters: Senator's concern may complicate Wall Street bill vote
WASHINGTON (Reuters) - President Barack Obama's efforts to win final approval of a historic financial regulatory reform bill looked more complicated on Saturday after a Republican senator threatened to oppose it.

Economy:
BBC: US warns G20 over recession risks
The world's largest economies should focus on maintaining growth to avoid recession, US officials tell the G20 summit.
AME Info: Saudi GDP to rise 4% in 2010
Saudi Arabia's Samba Financial Group has said that real GDP and the non-oil sector in the kingdom will grow by 4% this year as oil production increases, while inflation will stabilise at an annual average of 5%, Reuters has reported. "The recovery in economic activity is gathering pace, with renewed strength in corporate finance flows," economists at Samba F ...
AME Info: DIC has no plans to sell European assets
Dubai International Capital, an investment unit of conglomerate Dubai Holding, has said it does not plan to offload its European assets and will hold on to its investments for at least two more years, Reuters has reported. "DIC is not currently planning the sale of any of its majority-owned European assets," the firm said. "We do expect exits in the 2012-15 ...
AME Info: UAE to maintain dirham's dollar peg, says Dubai's ruler
The UAE will keep the dirham's peg to the dollar and has no plans to rejoin the planned Gulf monetary union "for the time being," Dubai's ruler, Sheikh Mohammed Bin Rashid Al Maktoum, told CNN. The emirates "still believe" in the peg, Sheikh Mohammed said in the CNN interview. "The euro isin trouble and we thought of the Gulf currency and we said, well the U ...

Industry:
AME Info: Saudi oil completes $100bn expansion plan
Saudi Aramco has said it has completed a $100bn investment programme launched over the past few years to expand the kingdom's hydrocarbon industry. The funds were channelled into oil and gas output capacity expansions, petrochemicals, refining and associated projects, the state-owned firm said. The investment programme has added nearly 3.8 million barrels pe ...
AME Info: Iraq wants to open oil border with Kuwait
Dhiya Jaafar, chief executive of Iraq's state-run South Oil Co (SOC), has said the country seeks to open a special border crossing with neighbouring Kuwait for international oil firms working in the country, Reuters has reported. The new border aims to facilitate the inflow of equipment for the oil companies that secured contracts to develop Iraq's oilfields ...
AME Info: Cost of new Iraq refineries to top $20bn
Iraqi oil minister Hussain al-Shahristani has said the estimated cost of building four new refineries in the country to add some 740,000 barrels per day of refining capacity is more than $20bn, Reuters has reported. The ministry will have a clearer idea about the eventual cost of the four new refineries after receiving design and feasibility studies, he said ...
Financial Times: Keller looks to build expansion
The groundworks and foundation specialist says that government spending is creating some resilience as demand for new construction in the US remains flat

Small Business:
BusinessWeek: Elizabeth Warren: Why Credit Is Still Frozen
The congressional TARP watchdog says there's no evidence that the $700 billion bailout boosted lending to small business
BusinessWeek: Closing the Venture Capital Gender Gap
Women launch nearly half of all startups, yet they lead only 7 percent of companies backed by equity financing
BusinessWeek: Small Contractors Suffer from State Budget Gaps
Most states have deficits, forcing some vendors to wait nearly a year to collect on bills, becoming unwilling vendors in the process
BusinessWeek: What We Don't Know About Small Business Lending
The House just approved a $30 billion fund to help banks lend to entrepreneurs. But officials say they're unsure how much would reach the target

Finance:
BusinessWeek: Geithner Says G-20 Needs Focus on Domestic Demand Not Deficits
U.S. Treasury Secretary Timothy F. Geithner urged Group of 20 leaders at a summit this weekend in Canada to commit to policies that ensure the global economic recovery won’t be derailed.
BusinessWeek: U.S. Stocks Post Biggest Drop Since May as New-Home Sales Sink
U.S. stocks fell this week, with the Standard & Poor’s 500 Index dropping four straight days, after new-home sales sank to a record low and the Federal Reserve said European indebtedness may harm American growth.
BusinessWeek: Obama Says New Financial Rules to Help Strengthen U.S. Economy
President Barack Obama today called on Congress to take the final steps in overhauling U.S. financial regulations, saying the new rules will help strengthen the U.S. economy.

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