Wednesday 23 March 2011

Summary of world finance news

CAIRO - Major Gulf Arab stock markets have rallied, led by Saudi Arabia's exchange, after the nation's king pledged about $US93 billion ($A95.37 billion) in financial support measures in a move aimed at quieting discontent in the Arab world's biggest economy.

NEW YORK - AT&T has agreed to buy T-Mobile USA from Germany's Deutsche Telekom for $39 billion in a blockbuster deal in the wireless telecom sector.

EVERETT - US aerospace giant Boeing's newest and biggest jumbo jet, the 747-8 Intercontinental, made its maiden flight on Sunday, watched closely by aviation fans and European rival Airbus.

LONDON - Britain's government unveils its annual budget on Wednesday, expected to focus on nurturing economic growth in the face of deep spending cuts and tax hikes aimed at slashing the nations' huge deficit.

BRUSSELS - Europe's leaders put the finishing touches to their response to a year-long debt crisis this week, as financial strain in Portugal threatens a third bailout after Greece and Ireland.

HANOI - Vietnam is looking to balance its long-standing "addiction" to growth with measures to stabilise the troubled economy, but its success depends on restoring public confidence, analysts say.

BRADFORD - Zippo lighters have retained their retro cool even as the tiny northwestern Pennsylvania company that makes them gets ready to celebrate its 80th anniversary and 500 millionth lighter next year.

TOKYO - Economic aftershocks of the devastation in Japan are rolling through Asia and among Japan's neighborsthe reverberations of the catastrophe are being felt hardest.

OTTAWA - Canada's government is set to unveil a budget on Tuesday promising to slash a record deficit in half, as opposition parties sabre rattle for an election to set a new economic course.

BEIJING - China's Minister of Commerce Chen Deming has urged foreign governments to improve their investment environment and provide equal access for Chinese investors, state media reported.

NEW YORK - Goldman Sachs said it would pay $US5.5 billion ($A5.64 billion) to repurchase the preferred stock bought by billionaire Warren Buffett's Berkshire Hathaway at the height of the 2008 financial crisis.

WASHINGTON - The Federal Reserve said it would allow some of the largest US banks to resume paying or boost dividends, in a new sign of the sector's emergence from the 2008-2009 housing finance collapse.

DETROIT - A week after the disaster in Japan erupted, its impact on automakers around the world was worsening.

NEW YORK - The trustee overseeing the bankruptcy of Lehman Brothers' brokerage unit said it was suing Citibank for more than $US1.3 billion ($A1.33 billion).


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