Japan cuts growth forecast by 1pc
JAPAN'S government yesterday cut its economic growth forecast for this financial year to 0.5pc from 1.5pc, citing the impact of the March 11 earthquake, tsunami and nuclear disasters. For the next fiscal year, which starts April 2012, the government expects growth to recover to between 2.7pc and 2.9pc in the world's number-three economy, due in part to a post-disaster reconstruction drive.
Prison for former Nasdaq executive
A FORMER Nasdaq OMX Group executive was sentenced yesterday to three-and-a-half years in prison after pleading guilty to making hundreds of thousands of dollars by trading on confidential information. Donald Johnson (57) was managing director of Nasdaq's market intelligence desk before retiring in September 2009.
Funds flowing out of global stocks
INVESTORS pulled the most money from global stock funds since 2008 in the past week as the Standard & Poor's downgrade of treasuries and the deepening European debt crisis prompted a flight into cash and gold. Funds that buy global equities suffered $3.5bn (€2.45bn) in net withdrawals in the week ended August 10, according to Cameron Brandt, director of research at Cambridge, Massachusetts-based EPFR Global.
HP slash the price of their TouchPad
HEWLETT-PACKARD has cut prices of TouchPad tablet computers by $100 (€70) one month after introducing the product, a move that may help the company compete with Apple's market-leading iPads. Price reductions make the TouchPad $100 less expensive than comparable iPad2 models.
Shell working to contain oil leak
ROYAL Dutch Shell said it was working to contain an oil leak at its Gannet Alpha Platform in the UK North Sea yesterday, but declined to specify the size of the leak. "We can confirm we are managing an oil leak in a flow line that serves the Shell-operated Gannet Alpha platform. We deployed a remote-operated vehicle to check for a subsea leak after a light sheen was noticed in the area," a Shell spokesman said.