Daily News Channel
Lakshmi Mittal lost about $25 billion in the past year. But don’t feel too bad for the steel magnate. Mittal remains Britain’s richest man, worth an estimated $15.9 billion, according to the Sunday Times’ annual Rich List.
Microsoft just released earnings that were mediocre but not any worse than was expected. It said that the balance of the calendar year would not be much better
Rafael Nadal and Venus Williams are set to receive big pay rises if they successfully defend their Wimbledon singles titles this year. This year’s men’s and women’s champions will walk away with £850,000 ($1.24 million), an increase of 13.3 percent, although in dollar teams a decrease because of the weakened British pound
Since the first, dramatic interventions into the financial system by the Treasury Department and the Federal Reserve during the collapse of Bear Stearns a year ago, Timothy Geithner has based his approach on one underlying theory. The crisis, the former New York Fed president and now Treasury Secretary believes, is the result of the collapse of a shadow banking system that grew over the past 30 years to rival the traditional banking system in size but lacked all four of the safeguards that had been imposed after repeated collapses of the traditional system in the early part of the 20th century. Geithner, his predecessor Hank Paulson, FDIC chief Sheila Bair and Fed Chairman Ben Bernanke have so far used ad hoc powers to erect two of those crucial four pillars.
In most large American cities there are office buildings which sit half finished in their financial districts. There are still huge cranes next to some of them. If the construction on a site ended months ago, there is nothing left beyond the skyscraper skeleton and a security fence to keep vandals out.
The Disney family film update, "Race to Witch Mountain," won the weekend box office in fine fashion, grossing $25 million according to Sunday’s estimates from Media by Numbers. That’s the second best opening ever for a movie fronted by Dwayne Johnson alone, trailing only the first feature that starred the artist formerly known as The Rock, “The Scorpion King,” which banked $36.1 million in its 2002 debut
Singer-actress Mandy Moore and rocker Ryan Adams were married this week in Savannah, Georgia, Moore’s publicist told CNN on Wednesday. The wedding took place Tuesday, said Jillian Fowkes, who gave no further details about the nuptials. Rumors first surfaced almost a year ago that Moore, 24, and Adams, 34, were dating, as paparazzi photos surfaced of the couple out together in Los Angeles, California.
Slumping consumer demand pushed China’s consumer and producer price indices into negative territory in February, state-run media reported Tuesday.
A day after a wholesale shake-up in the Cabinet of President Raul Castro, brother Fidel said Tuesday that two of the leaders were ousted after they became seduced by the "honey of power," which led them to an "unworthy role." The elder Castro said in a posting on a state-run Web site that he was consulted about the appointments, though that had not been necessary “since I gave up the prerogatives of power quite a while ago.” In an article headlined “Reflections of comrade Fidel, healthy changes in the Cabinet,” Castro said he did not propose most of the replacements. “Almost without exception, they arrived at their jobs proposed by other colleagues from the address of the party or the state,” he wrote. “I never dedicated myself to that job.” The ailing former Cuban president, who handed power to his brother a year ago, referred to two of the ousted leaders cited in news reports.
Japan has released a slew of economic data that paints a picture of a nation struggling amid the global economic slowdown. The world’s second-largest economy reported a drop of 10 percent in industrial output for January, compared with a year ago. The fall in industrial output is a record drop for the country, the government said.