Reuters - China need not accelerate the
appreciation of its renminbi currency against the US dollar,
the Financial Times quoted a senior Chinese economic
policy-maker as saying.
Reuters - U.S. energy companies shut nearly all
offshore oil production and were racing to bring down
flood-prone Louisiana refineries on Sunday ahead of Hurricane
Gustav’s landfall, which could rival the wrath of 2005’s
Hurricane Katrina.
Reuters - Commerzbank agreed to buy
Dresdner Bank from Allianz on Sunday in a $14.5
billion all-German deal that will break the country’s banking
mould and cost 9,000 jobs.
Reuters - Alitalia’s unions will hold talks with
the government on Monday on a rescue plan for the airline and
on job losses — which a minister said could be under 5,000 —
after it sought bankruptcy protection on Friday.
Reuters - Consumer electronic makers are bracing
themselves for slower growth in the second half of this year
and in 2009, but count on consumers turning to home
entertainment amid tougher economic times and tighter budgets.
Investor’s Business Daily - Consumers put the brakes on spending while personal income plunged in July, the Commerce Department said Friday, as the effect of rebate checks faded and inflation sapped buying power.
Reuters - Personal income tumbled unexpectedly
in July and inflation-adjusted spending shrank as government
economic stimulus waned, but consumer spirits rose this month,
a hint the economy may muddle through its woes.
Reuters - Competition and a move away from
tailored dressing, only exacerbated by a weak economy, are
hurting the men’s suit business hard, and retailers are adding
to manufacturers’ pain by demanding more discounts.
Investor’s Business Daily - Investors yanked $26.36 billion from stock funds in July — the most since $44.84 billion in January. July trumps June’s outflow figure of $4.82 billion, according to the Investment Company Institute.
Reuters - Commerzbank agreed to buy
Dresdner Bank from Allianz on Sunday in an
all-German, cost-saving deal that values Dresdner at $15
billion and breaks the country’s rigid banking mould.
Reuters - U.S. energy companies shut nearly all
offshore oil production and were racing to bring down
flood-prone Louisiana refineries on Sunday ahead of Hurricane
Gustav’s landfall, which could rival the wrath of 2005’s
Hurricane Katrina.
Reuters - Alitalia’s unions will hold talks with
the government on Monday on a rescue plan for the airline and
on job losses — which a minister said could be under 5,000 —
after it sought bankruptcy protection on Friday.
Reuters - Consumer electronic makers are bracing
themselves for slower growth in the second half of this year
and in 2009, but count on consumers turning to home
entertainment amid tougher economic times and tighter budgets.
Investor’s Business Daily - Consumers put the brakes on spending while personal income plunged in July, the Commerce Department said Friday, as the effect of rebate checks faded and inflation sapped buying power.
Reuters - Personal income tumbled unexpectedly
in July and inflation-adjusted spending shrank as government
economic stimulus waned, but consumer spirits rose this month,
a hint the economy may muddle through its woes.