Cash-strapped Iceland is set to allow its currency to float as soon as the country secures new loans, Prime Minister Geir Haarde said in parliament.
October 31, 2008
Lowy opens Europe’s biggest shopping centre
Australia’s Westfield Group has opened the biggest shopping centre in Europe, spending & #36;4 billion on the project in West London.
ExxonMobil profit hits record & #36;US14.8b
ExxonMobil shook off economic troubles and hurricanes to post a record third-quarter profit of & #36;US14.83b, up 58 per cent from a year ago, the company says.
Melbourne bucks trend as home sales slump in Brisbane, Sydney
New research into Australia’s housing market shows new home sales in Brisbane and Sydney have slumped, with Melbourne the only city experiencing growth.
Wall St up as consumer spending falls
The US economy shrank by 0.3 per cent from July to September as consumers cut spending and companies reduced investment.
Shareholder fury over executive pay
INVESTOR anger at huge executive pay deals boiled over yesterday as shareholders protested at performance-based incentives.
Shares jump 4pc as US rally takes hold
THE share market closed 4 per cent higher, fuelled by interest rate cuts in the US and big gains in energy and resource stocks locally.
Local banks weathering crisis – PWC
AUSTRALIAN banks have weathered the financial crisis better than their international counterparts despite the ratio of credit losses to total loans reaching their highest level for 14 years, a survey by PricewaterhouseCoopers (PwC) finds.
Oil prices head towards $US70
WORLD oil prices neared $US70 a barrel in Asian trade today, extending gains after a cut in US interest rates powered a rally in global stock markets.
Crisis presents opportunities – Newcrest
NEWCREST Mining says the global financial turmoil will enhance merger and acquisition opportunities over the next year, but has abandoned the sale of its interest in the Cracow mine.