85,000 Americans lost employment in December
The announcement Friday by the Labor Department that the U.S. lost 85,000 jobs in December is causing some concern that the U.S. economic recovery is faltering.
Seeking a Potash revival
Potash, a mineral vital to farmers worldwide, has been a very unpredictable industry in recent past. Priced at $1000 a ton in 2008 during its peak years, Potash is now being priced at $350 in the settlement of a Chinese contract. It is this contract, however, which might just save the industry from recent woes.
Metals lead S&P Commodity Index in 2009
Industrial metals led the Index in 2009 with a gain of 82.42% as recorded by the S&P GSCI Industrial Metals Index. For the decade, the S&P GSCI posted a cumulative total return of 63.69% led by a 265.84% increase in the S&P GSCI Precious Metals Index.
US to drill more for oil and gas
The US domestic production from federal onshore oil and gas wells makes up 11% of US natural gas supplies and 5% of the country’s oil. The Obama administration is already in the midst of a fight with the oil and gas industry over proposals to raise billions of dollars. This is as additional taxes from energy companies.
U.S. consumer spending still weak
Stocks had begun the year with a strong start, with the Dow rallying 155.91 points, or 1.5%, on Monday and the S&P 500 and Nasdaq producing comparable percentage gains. Investors are watching the market moves especially closely because January is generally seen as a harbinger of stocks’ performance for the rest of the year.
Indian, Israeli diamond dealers sign MoU
The Israel Diamond Institute Group of Companies (IDI) has signed a Memorandum of Understanding (MOU) with the All India Gems & Jewellery Trade Federation (GJF) for the establishment of areas of cooperation between the two parties, reports IndiaPRWire Tuesday.
Healthy ISM’s manufacturing index greets 2010
The ISM’s manufacturing purchasing managers’ index reported Monday was above the 54.0 forecasted by economists and the U.S. stocks climbed up on the first trading day of 2010. The dollar lost some esteem and the price of commodities rose.
Pakistan meets IMF loan terms
The State Bank of Pakistan claims to have achieved the milestones set by the International Monetary Fund in the Stand-by Agreement signed in December 2008.
US to raise rate, drain reserves
Federal Reserve Chairman Ben Bernanke said Sunday the U.S. central bank has a robust strategy to exit from the extraordinary stimulus it made to counter the worst recession in decades.
The reeling Pakistan rupee
Some of the main factors for the rupee finding the floor in 2009 were the IMF program, slowdown in imports, S&P upgrade of the sovereign credit ratings, easing of inflationary pressures, return of portfolio investment to the equities market and record remittances.