Global News

Wed, 14 May 2008 12:02 AM


Fraudsters netted hundreds of millions of dollars through mortgage scams last year, and the trend was likely to continue as the US housing market slumps even further, the FBI said Tuesday.

Eurozone looks to stamp out 'scandalous' golden handshakes

Wed, 14 May 2008 12:02 AM

Eurozone finance ministers are considering ways of discouraging "scandalous" excesses in executive pay, including by closing loopholes for golden hand-shakes, Eurogroup chairman Jean-Claude Juncker said Tuesday.

Oil price strikes record 126.98 dollars

Tue, 13 May 2008 10:47 PM

The price of crude oil struck a record high of 126.98 dollars a barrel Tuesday in New York despite new predictions of slower demand growth for energy, traders said.

HP to buy EDS for 13.9 bln dlrs, to expand services

Tue, 13 May 2008 10:47 PM

Hewlett-Packard Co. on Tuesday revealed a 13.9-billion-dollar deal to buy Electronic Data Systems in a tie-up that creates a global powerhouse in computer services to compete against IBM.

Kremlin aide gets broad powers over energy, industry

Tue, 13 May 2008 09:32 PM

Russian Prime Minister Vladimir Putin on Tuesday appointed a former Kremlin aide to head up a massive new state corporation, giving him even broader powers over Russia's economic landscape.

John Elkann, 32, takes helm of Italy's Fiat dynasty

Tue, 13 May 2008 09:32 PM

The Agnelli dynasty on Tuesday crowned a new czar of Italy's Fiat empire, 32-year-old John Elkann, scion of the family known as "Italy's Kennedys," the holding company IFIL said in a statement.

Eurozone under pressure to improve public finances

Tue, 13 May 2008 09:32 PM

Eurozone finance ministers faced pressure on Tuesday to firm up commitments to budgetary rigour with slowing growth beginning to squeeze the state coffers of France, Italy and Portugal.

Wal-Mart posts record profit on discount prices

Tue, 13 May 2008 07:02 PM

Wal-Mart Stores, the world's biggest retailer, reported Tuesday record quarterly earnings and sales for its discounted wares but sounded a cautious note on the weak US economy.

Oil price hits record high 126.98 dollars

Tue, 13 May 2008 05:47 PM

The price of crude oil struck a record high 126.98 dollars a barrel on Tuesday despite expectations of slower demand growth for crude, traders said.

France's Total hints at Qatari stakeholding

Tue, 13 May 2008 05:47 PM

French oil major Total is open to the prospect of the Qatar Investment Authority (QIA) taking a stake in the company, the Gulf Times on Tuesday quoted Total chief Christophe de Margerie as saying.