Economy

  • Oil prices fall below $93 per barrel Thursday

    The price of oil fell below $93 per barrel Thursday after a survey showed manufacturing activity in China falling to its lowest level in seven months, a sign that the recovery in the world's No. 2 economy is fading. Benchmark oil for July delivery was down $1.37 to $92.91 per barrel at late afternoon Bangkok time in electronic trading on the New York Mercantile Exchange. The contract declined $1.90 to close at $94.28 a barrel on Wednesday. HSBC Corp. said a preliminary version of its m  

  • UK’s economy rise at 0.3% in the first three months of 2013

    The UK's economy grew at 0.3% in the first three months of the year, official figures have confirmed. The figure from the Office for National Statistics is unchanged from the initial estimate it gave in April. It confirms the UK avoided falling into a triple-dip recession, and suggests signs of recovery in the economy. On Wednesday the International Monetary Fund (IMF) urged the government to do more to stimulate growth as well as continuing austerity measures. It reflects concer  

  • Crude oil prices fall back to less than $96 in New York Tuesday

    (UPI) -- Crude oil prices fell back to less than $96 in New York Tuesday despite the prolonged rally in equities. On the New York Mercantile Exchange, West Texas Intermediate crude oil dropped 90 cents to $95.81 per barrel. Gasoline prices dropped 0.699 cents to $2.8357 a gallon. Home heating oil fell 0.0342 cents to $2.91266 a gallon. Natural gas added 0.099 cents to reach $4.189 per million British thermal units. At the pump, the average price of a gallon of regular unleaded gasoline  

  • Vodafone’s full-year sales slip for the first time in eight years

    Mobile giant Vodafone's full-year sales have slipped for the first time in eight years after tough economic conditions in Europe hit revenues. Annual revenues fell 4.4% to £44.4bn, after the firm cut prices in Europe in an attempt to retain customers. In Italy service revenue fell 12.8%, while in Spain it dropped 11.5%. Vodafone said it had written down the value of its businesses in Italy and Spain by a further £1.8bn, taking the total writedown for the year to £7.7bn. The wr  

  • Marinov expects the price of oil to drop around 10 percent in the next 18 months

    While commodity prices have surged over the past decade, foreign exchange strategist Valentin Marinov at Citi, tells BNN why that trend is likely over. Marinov says there are two reasons to believe that commodity prices will fall over the next18 months. "The expectation [is] that demand for commodities may be weakening from here, or if anything, won't accelerate," he says. "And the energy revolution in the U.S. which is adding to the supply of commodities and effectively with supply in  

  • Google’s Eric Schmidt has defended the company’s tax affairs

    Google's executive chairman Eric Schmidt has defended the company's tax affairs after it came in for heavy criticism this week. Mr Schmidt said Google "has always aspired to do the right thing", but added that "international tax law could almost certainly benefit from reform". Writing in the Observer, he said he wanted "to move the debate forward". On Thursday, Google executive Matt Brittin faced tough questioning from MPs on the Public Accounts Committee. Mr Schmidt wrote: "  

  • Rules on olive oil served in restaurants are changed in Europe

    (UPI) -- The European Commission is changing its rules on olive oil served in restaurants to safeguard the consumer, a spokesman said. "We are just making it clear that when you want to have olive oil of a certain quality in a restaurant, you get exactly the one you are paying for," said commission spokesman Oliver Bailly The olive oil market is subject to widespread fraud with cheaper grades of oil mislabeled and sold as a top shelf grade. The new rules call for correct labeling with o  

  • U.S. consumer sentiment rebounded in early May to its highest level in almost six years

    U.S. consumer sentiment rebounded in early May to the highest level in nearly six years as Americans felt better about their financial and economic prospects, particularly among upper-income households, a survey released on Friday showed. The Thomson Reuters/University of Michigan's preliminary reading on the overall index on consumer sentiment rose to 83.7 from 76.4 in April, topping economists' expectations for 78. It was the highest level since July 2007. The barometer of cur  

  • Britain’s central bank raises a bit of the gloom hanging over the economy

    Britain's central bank lifted a bit of the gloom hanging over the economy on Wednesday, delivering a slightly improved outlook for inflation and growth for the first time since the financial crisis. Bank of England Governor Mervyn King, presiding over his last Quarterly Inflation Report before he hands the reins to Mark Carney, said the better figures did not mean the recovery was secure. "Today's projections are for growth to be a little stronger and inflation a little weaker than  

  • US producer prices recorded their largest drop in three years as gasoline and food costs tumbled

    U.S. producer prices recorded their largest drop in three years in April as gasoline and food costs tumbled, pointing to weak inflation pressures that should give the Federal Reserve latitude to keep monetary policy very accommodative. Separate reports on Wednesday showed an unexpected drop in U.S. factory output last month and troubling signs of weakness in manufacturing activity in New York state this month. U.S. Treasury debt prices rallied on the reports, while the dollar trimmed g  
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