
Saturday, July 04, 2009

Technology & Science

Country Profile: Turkey

Business News

Texas mogul Stanford remains in jail pending hearing
Texan cricket mogul and billionaire financier Allen Stanford must remain in jail until at least Monday while the US government challenges his release on bail, a judge ruled Friday.

GE to open advanced tech center in Michigan
General Electric announced plans Friday to open an "advanced manufacturing technology and software center" in Michigan that could create more than 1,100 job in the coming years.

Texas cricket mogul pleads not guilty to fraud
Texan cricket mogul and billionaire financier Allen Stanford pleaded not guilty to 21 charges of multi-billion dollar fraud, money-laundering and obstruction.

Florida man pleads guilty in UBS tax fraud
A Florida man accused of hiding assets offshore with Swiss banking giant UBS pleaded guilty Thursday to filing a false tax return in the first prosecution in a massive fraud probe, officials said.

Genel Energy says politics won't mar N.Iraq plan
Oil company Genel Energy International is confident its focus on politically charged Iraqi Kurdistan will not prevent it doing business with Baghdad both there and, if opportunities arise, in the country's south.

Heritage Oil and Cukurova's Genel Energy unveil $6bn merger
Heritage Oil and Genel Energy announced their merger on Tuesday, creating an Anglo-Turkish oil company esimated to be worth up to $6bn that would be the largest investor and developer in the burgeoning oil region of Iraqi Kurdistan.

10 banks cleared to repay US Treasury 68 bln dlrs
Ten big US banks got approval Tuesday to repay 68 billion dollars in capital from the Treasury, in the latest sign the ailing financial sector is standing on its own without government aid.

US House approves vouchers for fuel-efficient cars
The US House of Representatives on Tuesday approved a measure to provide vouchers of up to 4,500 dollars for customers to trade in their old gas guzzlers and buy new fuel-efficient cars and trucks.

Nigeria victims hail $15.5 mln Shell payout
Victims of murder, torture and other abuses by Nigeria`s former military government hailed Tuesday a landmark out-of-court settlement with Royal Dutch Shell over its alleged complicity in the crimes.

US urges Supreme Court to act quickly on Chrysler
The US government urged the Supreme Court Tuesday to move swiftly to allow Chrysler to exit bankruptcy protection, saying a delay would imperil a planned alliance with Italian automaker Fiat.

High court puts hold on Chrysler bankruptcy exit
The US Supreme Court put a temporary freeze on Chrysler`s plan to exit bankruptcy protection under an alliance with Italian automaker Fiat.

Boston Globe union rejects wage cuts
Members of the largest union at the Boston Globe have narrowly rejected wage and benefit cuts that its owner, The New York Times Co., says are needed to keep the newspaper alive.

It will take 'considerable' time to end crisis: Obama
Acknowledging that the US economy remains in a "very deep recession," President Barack Obama announced plans Monday to accelerate stimulus spending to save or create 600,000 jobs over the next three months.

Obama speeds up stimulus spending
Acknowledging that the US economy remains in a "very deep recession," President Barack Obama announced plans Monday to accelerate stimulus spending to save or create 600,000 jobs over the next three months.

Faster banking sector 'cleansing' needed: IMF head
Nations must speed up their "cleansing" of banks' toxic assets in order to get credit flowing, or risk scuttling a global economic recovery in 2010, IMF director Dominique Strauss-Kahn said Monday.

Top economies signal recession may be easing: OECD
Leading economies are showing fragile signs that the economic crisis driving recession in many countries may be easing or have reached a low point, the OECD said on Monday on the basis of April data.

French economy set for 3% slump this year
The French economy is likely to contract by 3.0 percent this year, twice the previous forecast amount, a source close to Economy Minister Christine Lagarde said on Monday.

Germany rejects retailer's plea for emergency aid
The German government on Monday rejected a plea by troubled retail group Arcandor for emergency loans and guarantees, as the leading shareholder in travel agency Thomas Cook lurched towards insolvency.

Barclays confirms sell-off talks with BlackRock
Barclays on Monday said it had held talks with US money manager BlackRock on the possible sale of the British bank's asset management arm.

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