InfoAnda - Sinking profits heighten recession fears

Pakistanis angry over detentions in Times Sq. case
Monday, May 24, 2010
ISLAMABAD – Relatives of three men detained by Pakistan for alleged links to the suspect in the attempted Times Square bombing say the men are innocent.
They

Taiwan denies boycotting Australian film festival
Thursday, August 6, 2009

AFP - Thursday, August 6TAIPEI (AFP) - - Taiwan's Beijing-friendly government on Wednesday denied boycotting an Australian film festival amid a row over the e

Merkel's support dips, regional ally resigns International
Thursday, September 3, 2009

By Sarah Marsh and Noah Barkin

BERLIN (Reuters) - Chancellor Angela Merkel suffered a double blow on Thursday as a senior party ally in east German

Minister seeks closure of anti-Berlusconi websites
Wednesday, December 16, 2009
ROME (AFP) - – The Italian government moved Tuesday to close down Internet sites encouraging further violence against Prime Minister Silvio Berlusconi, who

Asian markets mixed after Wall Street rally
Wednesday, March 18, 2009

By ELAINE KURTENBACH,AP Business Writer AP - Wednesday, March 18SHANGHAI - Asia's stock market rally seemed to be running out of steam Wednesday, despite an

Australian floods submerge towns, coal exports hit | | 3 January 2011
China battery maker shut down over lead pollution | 1 January 2010
Egypt military says will not allow strikes to go on | 19 February 2011

US, China to resume human rights dialogue | 23 April 2010

">Forum Views () ">Forum Replies ()

Read more with google mobile : Sinking profits heighten recession fears

Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Secondary Navigation Singapore Asia Pacific World Search Search: Sinking profits heighten recession fears AFP - Wednesday, November 5 FRANKFURT (AFP) - - BMW became the latest auto giant to be hit by the financial crisis Tuesday, announcing a profits dive while a key European official admitted the continent failed to read recession warning signs. As a string of leading companies revealed sinking profits, the luxury German car firm said its third-quarter net profit plunged 63 percent to 298 million euros and that it would cut production by an additional 40,000 units this year. Owing to the poor market climate and "uncertainties caused by the financial crisis, the profitability targets set for 2008 are no longer achievable", it said in a statement. The auto industry has been one of the sectors worst hit, particularly in Germany where figures released Tuesday showed new car sales slumped eight percent in October. Meanwhile, clothing-to-food retailer Marks and Spencer, seen as a barometer of consumer sentiment in Britain, said net profits sank by 43 percent to 223.2 million pounds (277 million euros, 350 million dollars) in the first half of the year. There was equally grim news from the world's biggest temp agency Adecco, which said third-quarter net profit fell almost a quarter, with revenues in countries hard hit by the financial crisis showing the steepest declines. Adding to the gloom, global freight prices sank more than 11-fold between May and November, showing the financial crisis has began to slow international trade, the UN Conference on Trade and Development said. The results from such economic bellwethers were likely to darken the mood at a meeting of European Union finance ministers in Brussels, being held a day after an official report forecast the 27-nation bloc was headed for recession. French Finance Minister Christine Lagarde said she and her counterparts hoped interest rates would be cut later this week in the face of lower inflation. The European Central Bank and the Bank of England are both widely expected to cut interest rates when they hold separate meetings on Thursday. "We are holding our breath," said Lagarde. Jean-Claude Juncker, the chairman of the Eurogroup which groups the 15 nations using the single currency euro, acknowleged the continent had been caught out. "Recession awaits us, and we didn't think that recession lay in waiting," Juncker told members of the European Parliament. "We were badly mistaken with the different sequences of this crisis," added Juncker, also Luxembourg's finance minister and premier. German Chancellor Angela Merkel, whose cabinet is to approve a crisis package on Wednesday, said the coming year would be difficult. "In 2009 we will have bad news but we are going to do something so that things can and will get better in 2010," Merkel said. The Brussels meeting saw EU finance ministers step up pressure for tougher regulation of the global financial system in the face of US resistance. The ministers also supported a proposal to more than double the amount of money available to the bloc's non-euro members in case they run into economic troubles. Europe's main markets largely shrugged off the earnings gloom, with London's FTSE 100 index of leading shares up 4.42 percent, Paris' CAC 40 adding 4.62 percent and the Frankfurt DAX rising 5.0 percent. In Tokyo, the Nikkei index jumped by 6.27 percent, lifted by a weaker yen and reports of a possible takeover of struggling electronics maker Sanyo by its rival Panasonic. Wall Street rallied as Americans voted amid hopes that a new president will bring relief from the global financial crisis, with the Dow industrials up more than 300 points, or 3.25 percent, at the close. Analysts said traders were betting Barack Obama, favourite to win Tuesday's US election, would take extra steps to tackle a looming recession in the world's largest economy. More bad news emerged in the United States, however, with a new survey showing 30 US states were mired in recession in September. The survey by research firm Moody's Economy.com defined recession as a decline in a state's gross domestic product on average over a six-month period, compared with the prior six-month period. Meanwhile, the Danish central bank said it last month injected 63.9 billion kroner (8.56 billion euros, 11.16 billion dollars) into the currency market to support the krone, weakened by the global financial crisis. And in South Africa, the central bank's monetary policy review committee warned that the continent's powerhouse could not be immune from the effects of the global financial market crisis. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: China's Economy Tenet shares plunge after 3Q results fall shortAP - 1 hour 39 minutes ago Sinking profits heighten recession fearsAFP - Wednesday, November 5 Credit outlook darkens for auto finance marketReuters - Wednesday, November 5 RPT-China Netcom, PCRD to take PCCW private for HK$15.9 blnReuters - Wednesday, November 5 Related Articles: Business Japan Hot Stocks-Bridgestone, Fast RetailingReuters - 38 minutes ago SNAPSHOT - Financial Crisis - 0012 GMTReuters - 49 minutes ago South Korean won jumps 3.5 pct vs dollarReuters - 50 minutes ago Seoul shares open higher led by exporters, banksReuters - 51 minutes ago Nikkei opens up 1.2 pct as exporters climbReuters - 51 minutes ago Related Full Coverage China Economy china economy All Full Coverage Most Popular – Business Viewed Americans flock to vote in historic elections Foods to prevent disease? DNA tests confirm death of millionaire flyer Steve Fossett Obama's grandmother, family 'rock', dies on election eve Australia anxious as Indonesia prepares to execute Bali bombers View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology

Other News on Tuesday, 4 November 2008
15 dead in Baghdad blasts, violence rising
Israel launches first airstrike on Gaza since June
Israeli strikes on Gaza kill six gunmen: Hamas | International |
Court orders film copyright guards in China-made DVD players
Obama, McCain await judgment of history
Iran's parliament ousts Ahmadinejad ally
Boeing delays first 787 Dreamliner flight
Talk or I restart war, Congo rebel tells government | International |
US troops on front lines of war track election
US, European stocks rally as US vote stirs relief hopes
Blasts rock Baghdad, at least 14 killed | International |
Sinking profits heighten recession fears
Iraqi views mixed on US presidential contest
Mega mall opens in Dubai despite global economic gloom
North Korea campaigns to show healthy Kim Jong-il | International |
Iran's interior minister sacked over fake degree
World looks forward to new era with US
U.S. says Afghan officials supported deadly attack | International |
String of Baghdad bombings kill 14
Slammed by financial crisis, BMW drops full-year outlook
Colombian army chief resigns after killings probe | International |
Sunset turns into business for Japanese city
Iran parliament sacks interior minister over fake degree
Twenty killed in German bus blaze | International |
Suicide bomber kills soldier, injures seven in Pakistan
Unemployment fears stalk once-roaring China | International |
Love, not war, and mystery in Pyongyang | International |
S.Korea says banks' foreign debt rollover improves
Obama, McCain await judgment of history
US, European stocks rally as US vote stirs relief hopes
Colombian rebels still keen for talks on hostages | International |
Iraq receives 'positive' signs from US on security deal: MP
APEC finance ministers to discuss global crisis
Yahoo-Google deal may flounder, analyst says | Technology |
US troops in Iraq become citizens on election day
Sinking profits heighten recession fears
Dell asks workers to take unpaid vacation | Technology |
NZ stocks open stronger after Wall St gains
FCC clears Google-backed plan on airwaves use | Technology |
Mitsubishi UFJ buys rest of UnionBanCal for 3.5 bln dlrs
Q+A-Pakistan weighs options as payments crisis looms
FCC OKs Verizon/Alltel and Sprint/ Clearwire deals | Technology |
SKorea's foreign reserves fall amid credit crunch
Apple hires IBM exec to head iPods; IBM objects | Technology |
Reporter's suit challenges China's media controls
Fujitsu buying Siemens' stake in 50-50 venture
Media groups turn on Web for election coverage | Technology |
Nokia strengthens emerging market push, to cut jobs | Technology |
High School Musical 3 gets singalong version | Entertainment |
Soul man Nathaniel Mayer dies after stroke | Entertainment |
Pooh sketch makes $50,000 | Entertainment |
Top court considers television dirty words case | Entertainment |
24 finally back for Season 7 in January | Entertainment |
Media groups turn on Web for election coverage | Entertainment |
Five Palestinians killed in Israeli raid on Gaza: medical sources
Barrage of rockets after six killed in Gaza: military
Mexican interior minister dies in plane crash | International |
Obama surfs the Web to the White House
Barrage of rockets after six killed in Gaza: military
FCC approves opening up TV spectrum for wireless use
Historic win sparks joy in Obama's Kenyan village | International |
Mexico interior minister, eight others die in plane crash
Iran warns U.S. not to violate Iranian airspace | International |
IPod's "father" leaving Apple
World tunes in to see Obama win historic US election
China reveals fresh sentences for Tibet unrest | International |
Afghanistan welcomes Obama win, wants more focus | International |
ECB to cut rates sharply on Thursday, analysts forecast
US troops on front lines of war track election
Obama wins US election, to become first black president
Mexico interior minister, officials die in capital plane crash
Cigarette sets German bus ablaze, 20 dead
South Korea warns next U.S. president on trade deal | International |
Japan ex-defense head sentenced to jail for bribes | International |
Obama victory sparks cheers worldwide
China detains suspect in melamine eggs case | International |
Surfing violent websites linked to violent behavior | Technology |
World hails Obama's 'brilliant' victory
Sri Lanka to unveil biggest ever war budget
Trump eyeing investment in Philippine freeport
Philippine inflation eases to 11.2 percent in October
Seoul shares pare gains after Obama victory
China car industry may be shifting into slow lane
Taiwan businesses, workers assess impact of China deals
NZ dollar firmer on risk appetite, eyes jobs data
Dollar gains as traders watch US vote
Stocks, dollar rise as Obama takes White House
TV shows may see post-election ratings growth | Entertainment |
Korea Exchange halts programme buying in KOSPI
Greece at new risk of being pushed off euro
Bodies of missing Tenn. mom, Jo Ann Bain, and daughter found
Female Breasts Are Bigger Than Ever
AMD Trinity Accelerated Processing Units Now in Volume Production
The Avengers (2012 film), made the second biggest opening- and single-day gross of all-time
AMD to Start Production of piledriver
Ivy Bridge Quad-Core, Four-Thread Desktop CPUs
Islamists Protest Lady Gaga's Concert in Indonesia
Japan Successfully Broadcasts an 8K Signal Over the Air
ECB boosts loans to 1 trillion Euro to stop credit crunch
Egypt : Mohammed Morsi won with 52 percent
What do you call 100,000 Frenchmen with their hands up
AMD Launches AMD Embedded R-Series APU Platform
Fed Should not Ignore Emerging Market Crisis
Fed casts shadow over India, emerging markets
Why are Chinese tourists so rude? A few insights

USD EUR - 1 year graph		BlogMeter 1.01