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HuaweiThe euro dipped and investors sought safety in German government bonds on Friday as a two-notch downgrade of Spain’s credit rating ahead of a key Italian bond auction increased nervousness about the struggling economies in the euro zone.
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Spain’s economic problems were put in sharp relief Friday as figures showed unemployment is near 25 percent and a credit ratings agency hours earlier downgraded the country’s debt rating, warning it faces an uphill battle to get a grip on its finances.
India will urge its airlines to boycott the European Union’s carbon charge scheme, raising the prospect of a global trade war over a law requiring flights in and out of Europe to pay for their greenhouse gas emissions.
Standard & Poor’s on Thursday cut its credit rating on Spain by two notches, citing expectations the government finances will deteriorate even more than previously thought as a result of a contracting economy and an ailing banking sector.
Starbucks Corp reported better-than-expected quarterly profit but global sales at established coffee shops fell short of analysts’ estimates due to weakness in Europe, sending its shares down five percent in after-hours trade on Thursday.
Drake & Scull Water and Power, a wholly owned subsidiary of Drake & Scull International, or DSI, a regional market leader in integrated design, engineering and construction disciplines of Civil Contracting Mechanical, Electrical and Plumbing (MEP), and Water and Power, secured a Dh470 million subcontract for the design review, procurement & construction of MEP & Instrumentation works for the Strategic Tunnel Enhancement Programme, or STEP, pumping station in Abu Dhabi.
Royal Dutch Shell beat forecasts with an 11 percent rise in fourth-quarter profit, as higher oil prices outweighed the impact of lower U.S. gas prices.
Auto maker Ford Thursday said it was halting work at its two Australian plants for almost a week after one of its parts manufacturers was placed into administration.
German fashion house Hugo Boss said it would focus on opening its own stores and expanding into smaller cities in China as growth in the main driver of the luxury industry slows in 2012.
Chrysler followed its strong first-quarter sales with a big profit, sending its 2009 brush with financial death farther into the rearview mirror.