Shares of Macmahon Holdings Ltd. fell deep on Wednesday morning after the Australia n construction and mining firm announced it is cutting into half its full year earnings estimate guidance for 2012-13 and that its chief executive, Nick Bowen, has resigned.
The European markets continued the upward rally Friday, a day after the European Central Bank (ECB) announced the widely anticipated bond-buying program aimed at lowering the struggling euro zone countries' borrowing costs.
One of the euro zone's two bailout funds could begin disbursing monies to Spain at the end of this month in a €100 billion ($120 billion) rescue of the country's embattled banks, according to an article by the Associated Press based on a story in the German newsweekly Der Spiegel on Saturday. The first payment of €30 billion ($36 billion) would come not from the permanent European Stability Mechanism, or ESM, but from the temporary European Financial Stability Facility, or EFSF, AP reported.
The rupee weakened on Friday on worsening global risk sentiment, but posted its first weekly gain against the dollar in more than two months as the local currency recovers from oversold conditions. The rupee has recovered since hitting a string of record lows last month, with the latest hit on May 31 when it dropped to 56.52 to the dollar, marking what so far has been a near-term bottom for the local currency
State oil retailers - India n Oil Corp, Bharat Petroleum Corp and Hindustan Petroleum Corp have agreed to rollback petrol price by Rs 2 per litre following public outcry over its decision to hike fuel price last month. The decision of the oil retailers to cut petrol price came after the BJP-led National Democratic Alliance (NDA) and several other political parties staged Bharat Bandh on Thursday to protest the steep hike in petrol price. Sources said that the state-owned oil companies will cut petrol prices by Rs 2 per litre, which will come into effect from Sunday.
Most American states have to deal with extreme inequalities, in terms of the rich-poor divide. In fact, the states have higher such inequalities than most developed nations, according to the Organisation for Economic Co-operation and Development (OECD) - an organisation that works towards promoting policies to improve the economic and social well-being of people around the world
Tom Sowanick is co-president and chief investment officer at Omnivest Group in Princeton, N.J.
When the U.S.