Top Scoops

Book Reviews | Gordon Campbell | Scoop News | Wellington Scoop | Community Scoop | Search


While you were sleeping: BusinessWire Xmas wrap

While you were sleeping: BusinessWire Christmas wrap

Dec. 29 – The price of crude oil jumped on Friday after the United Arab Emirates, the world’s fifth-largest exporter of crude, said it would reduce supplies to Asia as part of OPEC’s plan to underpin prices.

Crude oil for February delivery rose 6.7% to US$37.71 a barrel on the New York Mercantile Exchange. For the week, crude fell about 11%. The Organization of the Petroleum Exporting Countries this month agreed to reduce supplies by 2.2 million barrels a day, a record cut in output for the cartel.

Gold rose after a ceasefire agreement ended between Israel and the Hamas organization, with rocket attacks on southern Israel and airstrikes by Israel that killed some 229 Palestinians. Also helping underpin the precious metal were reports of Pakistani troops being diverted from the tribal areas to the border with India, where tension is still simmering after the Mumbai terrorist attacks.

Gold futures for February delivery rose 2.7% to US$871.20 an ounce in New York. Copper rose from a four-year low on speculation the U.S. economy will revive through 2009. Copper is down about 57% this year. Copper futures for March delivery rose 2.3% to US$1.3035 a pound on the New York Mercantile

General Motors led the Dow Jones Industrial Average higher on Friday, gaining 13% to US$3.66 after its GMAC financing unit qualified for U.S. federal government funds, which may help strengthen the business enough to avoid bankruptcy.

Exxon Mobile gained 1.9% to US$77.19, leading oil producers higher as crude oil rose.

The Dow advanced 0.6% to 8515.55 and the Standard & Poor’s 500 Index rose 0.5% to 872.80. The Nasdaq Composite gained 0.4% to 1530.24.

Japan’s Nikkei 225 Index paced gains in Asia stocks on Friday on the prospects of a revival in global growth later next year. The Nikkei 225 rose 1.6% percent with

Toyota rising for a second day, up 1.9% to 2900 yen. The automaker has forecast its first operating loss in its 71-year history.

The Japanese benchmark stock index rose even after figures showed industrial production tumbled by a record 8.1% last month, reflecting waning global demand and a strengthening yen.

The Bank of Japan may take “extraordinary steps” to help revive the world’s second-biggest economy, according to BOJ policy board member Hidetoshi Kamezaki. The central bank this month cut the overnight lending rate to 0.1% from 0.3%, regaining its title as the developed economy with the lowest rates.

In South America, Ecuador’s President Rafael Correa is preparing to make an offer to bondholders after the nation defaulted on its payments. He has called on bondholders to accept an offer to buy back the US$3.9 billion debt at a substantial discount

Russia's central bank approved a devaluation of the rouble on Friday as the price of oil, the nation’s biggest earner of foreign exchange, fell.

European stocks fell, rounding out a week when trade was disrupted by the Christmas. Inn its final day of trading before Christmas, Germany’s DAX 30 fell 0.2% to 4629.380, with Volkswagen sliding 3.4% after Toyota forecast a loss.

On Dec. 24, France’s CAC 40 declined 0.4% to 3116.21 and in London, the FTSE 100 Index fell 1.6%.



© Scoop Media

Top Scoops Headlines


Philip Temple: Hang On A Minute, Mate
Peter Dunne quietly omits some salient facts when arguing for retention of MMP’s coat-tailing provision that allows a party to add list seats if it wins one electorate and achieves more than 1% or so of the party vote... More>>

Cheap Grace And Climate Change: Australia And COP26

It was not for everybody, but the shock advertising tactics of the Australian comedian Dan Ilic made an appropriate point. Australia’s Prime Minister Scott Morrison, a famed coal hugger, has vacillated about whether to even go to the climate conference in Glasgow. Having himself turned the country’s prime ministerial office into an extended advertising agency, Ilic was speaking his language... More>>

Binoy Kampmark: Funeral Rites For COVID Zero
It was such a noble public health dream, even if rather hazy to begin with. Run down SARS-CoV-2. Suppress it. Crush it. Or just “flatten the curve”, which could have meant versions of all the above. This created a climate of numerical sensitivity: a few case infections here, a few cases there, would warrant immediate, sharp lockdowns, stay-at-home orders, the closure of all non-vital service outlets... More>>

Dunne Speaks: Labour's High Water Mark
If I were still a member of the Labour Party I would be feeling a little concerned after this week’s Colmar Brunton public opinion poll. Not because the poll suggested Labour is going to lose office any time soon – it did not – nor because it showed other parties doing better – they are not... More>>

Our Man In Washington: Morrison’s Tour Of Deception

It was startling and even shocking. Away from the thrust and cut of domestic politics, not to mention noisy discord within his government’s ranks, Australian Prime Minister Scott Morrison could breathe a sign of relief. Perhaps no one would notice in Washington that Australia remains prehistoric in approaching climate change relative to its counterparts... More>>

Binoy Kampmark: Melbourne Quake: Shaken, Not Stirred

It began just after a news interview. Time: a quarter past nine. Morning of September 22, and yet to take a sip from the brewed Turkish coffee, its light thin surface foam inviting. The Australian city of Melbourne in its sixth lockdown, its residents fatigued and ravaged by regulations. Rising COVID-19 numbers, seemingly inexorable... More>>