Philip Chua Business Blog

Archive for the ‘Uncategorized’ Category

Reuters – Mining giants BHP Billiton and Rio Tinto on Saturday signed a $116 billion iron ore joint venture agreement to combine their Western Australian iron ore operations.

Reuters – General Motors will not cut more jobs at Opel in Germany if the German government refuses to give state aid although the U.S. carmaker said it remains confident that Berlin will soften its current stance.

Reuters – The U.S. economy has been kick-started into growth but stock investors still face an uncertain outlook as Wall Street gears up for comments from the Federal Reserve and a key report on employment next week.

Reuters – President Barack Obama said on Saturday this week’s positive job and economic growth figures proved that his big spending efforts to stimulate the economy were working.

Reuters – U.S. retailers are expected to post positive October sales results this week, but investors hoping for a clear signal on economic recovery could be in for disappointment, industry experts said.

AP – As Bernard Madoff sat in jail a few months after pleading guilty to fraud, he sounded faintly boastful.

Reuters – The Securities and Exchange Commission is in settlement talks with several large financial institutions to resolve investigations into the awarding of municipal investment contracts, the Wall Street Journal reported on Saturday.

AP – The U.S. Department of Housing and Urban Development is taking action against a reverse mortgage lender in Hawaii.

AP – An Oxon Hill man has been sentenced to more than three years in prison for a mortgage fraud tied to 25 properties in Maryland, D.C. and Virginia worth millions of dollars.

AFP – Britain’s government is to create three new high street banks from bailed out lenders Royal Bank of Scotland, Lloyds Banking Group and Northern Rock, according to media reports.