Recession is near

ECONOMY

The Fed lowered its overnight rate and its discount rate by a quarter point
The U.S. Federal Reserve Bank (Fed), which met on Tuesday in a context of economic slowdown and uncertainty in the markets, decided to again lower its benchmark rate by a quarter point to 4.25%. It lowers all its discount...

The IMF sees German growth slowing in 2008
According to the Fund, German growth would not exceed 1.9% in 2008. A slowdown which owes much to that of the United States but also to the strong euro and oil prices. Germany has in recent years achieved a recovery ...

BANKING & FINANCE

A difficult 2008 fro USB bank
Some 4.4 billion Swiss francs in losses, or 2.7 billion euros! That is the extent of the losses confirmed this morning by UBS, the first Swiss bank, which had last year made a profit of 12.26 billion Swiss francs.

Citigroup ready to inject $ 3.4 billion into its SIV
According to the rating agency Moody's, the American bank could, if necessary, spend 3.4 billion dollars to the recapitalization of six of its SIV.

STOCK MARKET

The Tokyo Stock Exchange returned from the front
The Tokyo Stock Exchange finished up 0.76% Tuesday, supported by the financial securities. The Tokyo Stock Exchange finished up 0.76% Tuesday, supported, as was the case Monday on Wall Strett by financial securities, following...

Tokyo resists better than Wall Street with the decision of the Fed
On Tuesday evening, the New York Stock Exchange has retreated significantly from 2.15%, while Tokyo resisted better this Wednesday in not yielding as 0.7% at the end of the meeting after decreasing by more than 2% in...

COMPANIES

Increase of sales and profits for Coca-Cola in 2007
The world number one soft drink displays a significant increase in its results (+18% to 5.98 billion) and sales (+20% at 28.85 billion). It is better than expected by analysts. The decline in sales of Coca-Cola and Sprite...

Annual Profits up 9% for Chevron
Earnings reached 18.7 billion dollars in 2007 and billings grew by 4.4% to 214 billion.

AUTO

Michelin will pay 130 million euros for the closure of the plant in Toul
French manufacturer Michelin tire announced that restructuring costs related to the proposed closure in 2009 of its plant in Toul Meurthe, introduced in early October, "are expected to amount to about 130 million...

Decline of U.S. sales of new cars in November, General Motors on the front line
The American automobile industry suffers from the real estate crisis and the soaring price of gasoline. As a result, sales of new cars fell by 1.6% in November, with a strong decline for General Motors, which lost 11%. In...

REAL ESTATE

Higher earnings for Icade
 land and real estate subsidiary of the Caisse des Depots shows an increase of 26% in earnings. The dividend is expected to increase by 27%. The group foresees a double-digit growth in the medium term.

Storm on Bradford & Bingley

Bradford & Bingley, the big player in the real estate financing in the United Kingdom accuses exceptional costs, which lead its profit. The title fall of 23% on the London Stock Exchange.