Two years into an agonizing U.S. housing market correction and the Federal Reserve is one step closer to addressing the root cause of the catastrophe: the unbridled subprime mortgage sector
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We have now arrived at the point in this year-long credit
crisis that the worst-case scenario, the one only seriously
contemplated by gold bugs and supposedly paranoid financial
survivalists, is becoming the actual scenario.
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Yara International ASA, the world’s largest fertilizer producer, posted a threefold gain in second- quarter profit and agreed to spend $1.6-billion on a Canadian factory as prices for the soil nutrient surge.
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CALGARY - In addition to making shareholders very happy
yesterday, the sale of Duvernay Oil Corp. to Royal Dutch Shell PLC
for $5.9-billion in cash came with a measure of personal
satisfaction for Michael Rose, Duvernay’s chief executive.
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Gold rose to the highest in almost four months in London as political tension in the Middle East and financial concerns in the U.S. increased investor demand for the metal as a haven. Gold for immediate delivery rose US$8.91, or 0.9%, to US$981.51 an ounce as of 11:04 a.m. in London. It earlier reached US$982.50, the highest since March 19. Futures for August delivery rose US$9.10, or 0.9%, to US$982.80 on the Comex division of the New York Mercantile Exchange.
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DETROIT — General Motors Corp said on Tuesday it would cut salaried employment costs by 20% sell up to US$4-billion of assets and borrow at least US$2-billion in a bid to bolster its liquidity by US$15-billion through 2009.
GM also said it would suspend its common stock dividend in a restructuring driven by high fuel prices, a shift away from trucks and SUVs, and the lowest U.S. industrywide auto sales in a decade.
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Bank of Nova Scotia has boosted its online wealth-management business by picking up the Canadian unit of struggling U.S. broker E*Trade Financial Corp. which is in the midst of a turnaround plan
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Oil rose to near US$146 a barrel on Tuesday, rebounding after an earlier dip prompted by the restart of some production in major African oil exporter Nigeria.
Concern about the dispute between Iran and the West over Tehran’s nuclear work, a weakening U.S. dollar and a gathering storm in the Atlantic supported prices — as did a bullish picture based on past price moves.
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The Bank of Canada is leaving its benchmark interest rate unchanged at 3%, despite concerns that energy and commodity prices will temporarily fuel inflation to a peak of more than 4% by the first quarter of 2009.
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Malaysia looks to Borneo for rice self-sufficiency (Feature)Monsters and Critics.com - 8 hours agoBy Julia Yeow Jul 15, 2008, 5:12 GMT Kuala Lumpur - Once known for its untamed forests, rich cultural diversity and some of Asia's most exotic beasts, …
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