Profitloss Centerstage Events

Iraq's hints that it may suspend exports of oil in a few days due to an ongoing dispute with the United Nations over pricing Iraqi oil and trade in euros instead of dollars takes the centerstage among all global events which has happened over this week.
Picture Courtesy: Profit loss

Centerstage events of week 4

General Motors Corp. has announces its plan to manufacture a...

General Motors Corp. has announces its plan to manufacture a new compact car, the midsize Buick Sail, for the Chinese market in partnership with Shanghai Auto Industrial Corp., one of China's largest auto companies. The company hopes that the new car, priced at approximately $12,000 and based on GM's Opel Corsa, will help offset slowing sales at its flagship Shanghai factory. The first Buick Sail is scheduled to be produced in December and delivered early next year, with additional models, such as a minivan, potentially being introduced next year as well.

Monday, 23 October, 2000

The government has announced a record surplus of $237 billion...

The government has announced a record surplus of $237 billion for the year that ended last month, as the nation's economy booms and tax revenues soar. This news is likely to spark further debate among politicians over the country's fiscal priorities. The Treasury Department released the data on Tuesday, surpassing earlier estimates made by both the White House and the Congressional Budget Office. This marks the third consecutive year of a surplus, a trend not seen since the late 1940s. Last year's surplus of $124.4 billion was almost double the previous year's $69.2 billion.

Tuesday, 24 October, 2000

An anonymous source rings the bell and says, a group...

An anonymous source rings the bell and says, a group led by former Esat Telecom Group CEO Denis O'Brien has proposed to purchase the fixed-line business of Irish telecom company Eircom PLC for 2.25 billion euros ($1.89 billion), or 1 euro per share. Eircom has not commented on the matter. Eircom currently dominates about 80% of Ireland's fixed-line market with 1.58 million telephone-line connections. Vodafone Group PLC previously held discussions to acquire Eircom's wireless operations for $4 billion (4.78 billion euros), but O'Brien's bid for the fixed-line operations is reportedly independent of Vodafone's efforts.

Wednesday, 25 October, 2000

Iraq is causing upheaval in the global oil market once...

Iraq is causing upheaval in the global oil market once again, as OPEC prepares to increase output by 500,000 barrels per day to reduce crude prices. Iraq has hinted through traders, oil companies, and others that it may suspend exports of nearly five times as much oil in a few days due to an ongoing dispute with the United Nations over pricing Iraqi oil and trade in euros instead of dollars.

Thursday, 26 October, 2000

According to Yonhap News Agency, Korea Heavy Industries and Construction...

According to Yonhap News Agency, Korea Heavy Industries and Construction Co. (Hanjung), a state-run construction company, has announced plans to sell a 36% stake, equivalent to 37.52 million shares of the company, through a competitive auction in mid-December.

Friday, 27 October, 2000

According to a U.N. report, the military authorities in Myanmar...

According to a U.N. report, the military authorities in Myanmar still prioritize "repression of all political activity" over engaging in a sincere political dialogue with pro-democracy forces. The report, presented by Special Rapporteur Mr. Rajsoomer Lallah to the Third Committee of the U.N. General Assembly, stated that there were no indications of an improvement in the human rights situation in the country.

Saturday, 28 October, 2000

Data released in Japan reveals that the nation's economy is...

Data released in Japan reveals that the nation's economy is in a fragile state, but the recovery appears to remain on track, at least for now. According to the Ministry of International Trade and Industry, industrial production declined by 3.4% in September compared to the previous month but increased by 1.6% for the quarter. Company surveys indicate that output will increase by 3.4% in October and 0.5% in November, suggesting that production will rise for the sixth consecutive quarter in the October-December period. In addition, consumer spending increased by 1% in September compared to the previous month, rising for the first time in five months, but fell by 2.9% for the quarter and 1.9% from a year earlier, according to the ministry.

Sunday, 29 October, 2000