U.S. trade deficit rises 18.2% in September

The U.S. trade deficit increased 18.2 percent in September to 36.5 billion U.S. dollars, the highest level since January, the Commerce Department reported Friday.

The figure was more than the 31.7 billion dollars economists had expected. The key factor that drove up the trade deficit in September was foreign oil prices, which rose to their highest level in nearly a year, offsetting a fifth consecutive gain in exports.

Property official: China to restrain "abnormal" home price hike

China should keep home prices from long time "abnormal increases" and divert profits made from home price hikes to the public through taxation, a senior property official said here Friday.

Dong Zuoji, director of land planning department of the Ministry of Land and Resources, said home prices would continue to rise as the land in the world's fastest-growing economy is becoming increasingly scarce, but the government should use taxes to give the added value of the land back to society.

Dollar ends week lower as euro zone exits recession

The dollar ended the week lower against major currencies as a growth of the euro zone economy boosted investors' risk appetite, which lacked support in previous sessions.

Gross Domestic Product (GDP) increased by 0.4 percent in the euro zone, and by 0.2 in the 27-nation European Union (EU) during the third quarter of 2009, according to Eurostat, the statistical office of the European communities.

The two largest economies in the euro zone, Germany and France, grew by 0.7 percent and 0.3 percent respectively in the third quarter, Eurostat said on Friday.

Disney profit rises 18% as ESPN shines

The Burbank, Calif.-based media conglomerate (DIS 29.70, +0.65, +2.24%) said it earned $895 million, or 47 cents a share, compared with a profit of $760 million, or 40 cents a share, in the prior year's fourth quarter.

Excluding an item, the company said it would have earned 46 cents a share in the latest three months.

Revenue rose 4% to $9.87 billion from $9.44 billion.

Analysts polled by Thomson Reuters expected to see a profit of 41 cents a share on sales of $9.31 billion.

Communications, IT Exhibition kicks off in Syria

The 15th Communications and IT Exhibition SHAAM, one of the most important exhibitions of its kind in the Middle East region, started in Damascus with the participation of 146 companies from 40 countries.

The annual event, the first in Syria, launched on Wednesday evening in the fairground, presents the latest solutions, systems, and applications in the field of communications and IT, according to organizers.

The exhibition, sponsored by the Syrian Computer Society (SCS), aims to give the occasion to computers and communication systems manufacturers and providers to present their latest inventions and technologies in a professional framework.

Foreign participation includes China, Cyprus, the United Arab Emirates (UAE), and Lebanon, with the highlight of the Chinese company HUAWEI, which reserved the biggest exhibition surface.

The exhibition is to last until Nov. 15, during which presentations, conferences and forums will be held every day.

Obama to hold job forum in December

U.S. President Barack Obama announced Thursday that the White House will hold a job forum in December, acknowledging high unemployment is one of the "great challenges" facing his administration.

Obama said that over the past 10 months, the government has taken a number of bold steps to break the back of this recession.

China's imports, exports drop 10.7% in Oct

China's imports and exports fell 10.7 percent in October year on year, but monthly exports exceeded100 billion U.S. dollars for a fourth straight month this year, the General Administration of Customs announced Wednesday.

Imports stood at 86.8 billion U.S. dollars for October, a decrease of 6.4 percent compared with the same month last year, while exports dropped 13.8 percent to 110.8 billion U.S. dollars.

From January to October, the country's imports and exports totaled 1.76 trillion U.S. dollars, down 19.9 percent compared with the same period last year.

Imports for the first 10 months were 798.13 billion U.S. dollars, down 19 percent year on year; exports declined 20.5 percent to 957.36 billion U.S. dollars.

Gold soars to new record high as dollar hits new low

Gold futures on the COMEX Division of the New York Mercantile Exchange rallied to a new all-time high on Wednesday as the U.S. dollar saw a new 15-month low, raising gold's appeal of hedge. Silver and platinum both rose.

The most active gold contract for December delivery gained 12.10 U.S. dollars, or 1.1 percent, to finish at 1,114.60 dollars an ounce. The precious metal touched a record peak of 1,119.10 earlier in the session.

EU sets deadlines for member states to cut budget deficits

The European Commission on Wednesday set deadlines for some of its member states to cut their excessive budget deficits.

The deadlines set are 2012 for Belgium and Italy, and 2013 for Austria, the Czech Republic, Germany, Slovakia, Slovenia, the Netherlands and Portugal.

China raises gasoline, diesel prices

China will raise gasoline and diesel prices both by 480 yuan (70.28 U.S. dollars) per tonne from Tuesday, the National Development and Reform Commission (NDRC) announced on its website Monday.

The benchmark price of gasoline will be 7,100 yuan a tonne and that of diesel 6,360 yuan a tonne, according to the NDRC.

The retail price of gasoline will climb by 0.36 yuan per liter and that of diesel will rise by 0.41 yuan per liter.

Gold holds above $1,100/oz as rally pauses

Gold held steady above $1,100 per ounce on Tuesday, taking a breather after reaching a record high above $1,110 the previous day as the dollar weakened and investors snapped up gold-backed exchange-traded funds.

Spot gold was at $1,104.90 per ounce at 0008 GMT, up 0.1 percent from New York's notional close of $1,103.85.

Oracle Receives European Union Objections Over Sun

Oracle Corp., the world's biggest database software maker, was told by European Union regulators that its $7.4 billion purchase of Sun Microsystems Inc. may break antitrust rules even though the U.S. approved the deal.

The European Commission, the EU's antitrust agency, issued a so-called statement of objections today, Sun said in a regulatory filing. The commission said Oracle's acquisition of Sun's MySQL database software causes competition concerns.

Credit Card Market Set To Change On Bank Shakeup

The U.K. credit card market is set to undergo a massive change as banks sell off businesses and the government seeks to inject more competition in an attempt to entice consumers back to the market, according to a study released Monday.

The economic downturn has already cut credit card borrowing by 3% with the number of plastic cards down 8% over the last year, said PricewaterhouseCoopers. At the same time, bad debts in the sector have reached historic highs and now stand at nearly 6% of outstanding balances with every chance that these will reach 9% by the end of 2010, it added.

China hopes U.S. keeps deficit to appropriate size

China hopes that the United States will keep its deficit to an appropriate size to ensure basic stability in the U.S. dollar exchange rate, Chinese Premier Wen Jiabao said on Sunday.

"We have seen some signs of recovery in the U.S. economy ... I hope that as the largest economy in the world and an issuing country of a major reserve currency, the United States will effectively discharge its responsibilities," Wen told a news conference in Egypt.

"Most importantly, we hope the United States will keep an appropriate size to its deficit so that there will be basic stability in the exchange rate, and that is conducive to stability and the recovery of the global economy," he added.

G20 reluctant to remove stimulus, differs on climate change financing

It is still too early to remove stimulus, and climate change financing remains the key to success of the Copenhagen conference, the G20 finance ministers and bank governors said Saturday.

During the two-day G20 finance ministers and central bank governors meeting, the G20 policymakers held that many uncertainties still stood in the way of economic recovery, and the global economy would fall back to recession again if these uncertainties were not brought under control.

Both developed economies and developing countries agreed to maintain support for the recovery until it is assured, said a communique released after the meeting.

Treasury Blocks the Sale of Tax Credits by Fannie

The U.S. Treasury blocked Fannie Mae's proposed sale of nearly $3 billion in low-income housing tax credits to Goldman Sachs Group Inc. and Berkshire Hathaway Inc. on Friday after concluding that the deal was too costly for taxpayers.

The extraordinary move was the latest sign of tensions within the Obama administration over how to balance political and financial pressures resulting from the housing crisis.

$8,000 homebuyers tax credit extended

President Obama signed an extension and expansion of the first-time homebuyers tax credit on Friday.

The $8,000 credit was scheduled to lapse on Dec. 1 but will now be in effect through the end of June. Homebuyers must sign a contract before April 30 and close by June 30. The income limits were also raised: Single buyers can now earn up to $125,000 and still get the full credit while a married couple can earn $225,000.

Stocks end losing streak; Dow closes above 10,000

Stocks snapped a two-week losing streak Friday as a surge in General Electric nudged the Dow Jones Industrial Average back above 10,000, marking its first weekly close above that level since the early days of the credit crisis.

Stocks snapped a two-week losing streak Friday as a surge in General Electric nudged the Dow Jones Industrial Average back above 10,000, marking its first weekly close above that level since the early days of the credit crisis.

The Nasdaq Composite Index (COMP 2,112, +7.12, +0.34%) was up 0.3% to 2112.44, up 3.3% on the week. The S&P 500 Index (SPX 1,069, +2.67, +0.25%) rose 0.3% to 1069.30, up 3.2% on the week.

$8,000 homebuyers tax credit extended

President Obama signed an extension and expansion of the first-time homebuyers tax credit on Friday.

The $8,000 credit was scheduled to lapse on Dec. 1 but will now be in effect through the end of June. Homebuyers must sign a contract before April 30 and close by June 30. The income limits were also raised: Single buyers can now earn up to $125,000 and still get the full credit while a married couple can earn $225,000.

U.S. unemployment rate hits 10.2%

U.S. unemployment rate rose by 0.4 percentage point to 10.2 percent in October, the highest in more than 26 years, the Labor Department reported Friday.

In the past month, the employers cut 190,000 jobs, more than the 175,000 economists had expected but fewer than the 219,000 lost in September.

The October reading of unemployment rate was also worse than the 9.9 percent expected by economists. Since the recession began in December 2007, the U.S economy has lost a net total of 7.3 million jobs.

Opel workers strike against GM

Thousands of workers at Opel plants in Germany went on street in Ruesselsheim near Frankfurt on Thursday to protest against GM's decision to keep Opel.

Around 10,000 Opel employees gathered in Rsselsheim near Frankfurt with banners and a fake coffin to express their rage at General Motors, which canceled the planned sale of its European operations to Canadian auto parts manufacturer Magna on Tuesday, according to the local media reports.

Report: More than 6% of Dallas-area home loans in trouble

More than 6 percent of Dallas-area home loans were significantly behind in payments or already in foreclosure in September, a mortgage industry analyst reported Thursday.

The number of Dallas-area home loans that was 90 days or more late rose to 4.95 percent in September, First American CoreLogic said in its report. An additional 1.26 percent of mortgages were already in foreclosure.

Banks likely to retain home loan rates

Though the Reserve Bank of India has announced exit from its year-long accommodative monetary policy, major public and private sector banks seem to be inclined towards continuing their cheaper home loan schemes for some more time.

Delhi-based Punjab National Bank has announced extension of its ‘Festival Bonanza Offer-2009’ for housing and car loans up to December 31, 2009. The country’s largest lender, State Bank of India, is also likely to continue its special home loan scheme offered at an interest rate of 8% starting from Rs 5 lakh.

Though the bank has not announced extension of the tenure of the scheme, it is believed that the scheme will continue beyond November 7, when SBI is supposed to wind it up.

4 Days Of Car Insurance Enforcement, 17 Vehicles Impounded

It's been a few days since the enforcement of this new law and some El Pasoans are learning the hard way that it pays to have car insurance.

"No doubt. I wish I had insurance," said Enrique Munoz.

Munoz was pulled over on Tuesday because of a moving violation. He didn't know that it would become such a hassle.

"When he pulled me over he turned around and said, 'Do you have insurance?' And I don't. He said I had to impound the car," said Munoz.

U.S. stocks mixed despite Buffett's bet on railway company

U.S. stocks ended mixed on Tuesday as a downgrade of semiconductor stocks and concerns about global banks offset Warren Buffett's bet on a railway company.

Warren Buffett's Berkshire Hathaway Inc. on Tuesday agreed to buy Burlington Northern Santa Fe Corp. in a deal valuing the railroad at 34 billion dollars. Burlington Northern surged more than 20 percent on the acquisition.

A rise in factory orders also failed to boost the market. The U.S. Commerce Department said orders to factories rose 0.9 percent in September after dropping in August.

ChiNext: to boom or to doom?

Stocks on ChiNext, the country's Nasdaq-style board for domestic start-up firms, rode on a roller coaster on the first two trading days: soaring at debut and taking a sudden turn on the second day.
Twenty stocks out of the total 28 fell by the daily limit of 10 percent at Monday close, compared with an average of 106.23 percent surge on Friday, the first trading day, driven by a speculative surge for quick profits.

About 252,600 individual investors bought 423 million new shares at ChiNext on Friday, accounting for more than 97 percent of all new shares on the market.

The average price-earnings ratio for the initial public offering prices was at around 55.70 times, and then was pushed up to around 111 times, much higher than 25.98 times and 37.80 times at main boards in Shanghai and Shenzhen bourses respectively.

The bubbly opening led to warnings of risks posed by excessive speculation and inflated stock price.

Charming Shoppes Sells Credit Card Receivables Programs To Alliance Data

Monday, specialty retailer Charming Shoppes, Inc. (CHRS: News ) announced that it has completed the sale of its credit card receivables programs to Alliance Data Systems, Corp. (ADS: News ) with gross proceeds of $166 million. Charming Shoppes said it has also entered into a 10-year operating agreement with Alliance Data for servicing the programs, which are to be used for its Lane Bryant, Fashion Bug and Catherines brands.

Of the $166 million gross proceeds, approximately $30 million has been utilized to terminate contractual obligations related to the credit card receivables programs and exit costs.

Charming Shoppes received net cash proceeds of approximately $136 million related to the transaction which consists of the sale of its private label credit card portfolio, certain other assets and liabilities supporting the card programs, and monetization of Charming Shoppes' consolidated balance sheet asset "Investment in Asset-Backed Securities."

What you need to know about the Credit CARD Act

What to know now:
Beware of bank fees. Some experts estimate that bank fees will increase by as much as 50 percent as banks attempt to make up for lost revenue after the CARD act takes affect. Read through those fine-print fee disclosures your bank, credit card lender or credit union sends occasionally. If a notice alerts you to a fee you disagree with, read on to see if you can opt out of the fee. If fees are serious enough, you might wish to consider changing your account to a different financial institution.

Watch your rates. The new law places restrictions on how much credit card companies can raise interest rates. That means lenders are raising rates now, while they can. Previously, lenders could raise interest rates at any time. One of the CARD Act's first provisions, which took effect in August, said lenders can only raise rates with 45 days' notice to the card holder. A card holder can avoid paying higher rates by closing his/her account. However, if card holders use the card more than 14 days after the notice is sent, the higher rates will apply to those charges.

Longer turn-around for payments. As of August, card holders must allow at least 21 days from when they mail a bill for the payment to be due. That means it will take longer before late charges can begin to accrue, and you have a more reasonable time frame in which to pay. Also, a credit card bill's due date will be on the same date each month.

In eastern Washington, big plans for solar power

Coal - one of the dirtiest sources of energy around - was once king in this Upper Kittitas County town.

Now the vision is cleaner and greener because of a massive solar installation proposed for 580 acres of logged timberland about four miles northeast of the city limits.

The Teanaway Solar Reserve, proposed by Kirkland, Wash., businessman Howard Trott, is seeking approval from the county to install 400,000 photovoltaic panels in a large array that will convert sunlight into enough power for 45,000 households.

Local residents and businesses are greeting the project with a mix of excitement and caution.

Ford suffers UAW setback, Canadian workers OK cuts

U.S. factory workers at Ford Motor Co overwhelmingly rejected proposed concessions it has said it needs to stay competitive, while union workers in Canada on Sunday accepted cuts aimed at retaining jobs.

The Canadian Auto Workers union voted 83 percent in favor of an agreement that freezes wages for some 7,000 workers into September 2012 in exchange for protecting most factory jobs in Canada.

The CAW had announced the tentative pact with Ford on Friday and set a whirlwind weekend vote.

"Ford continues to make progress on its transformation plan and our efforts to be competitive when it comes to labor costs are key to continuing to build a healthy, sustainable business in Canada for all our employees," Ford said in a statement.