- Russian Stocks Slump Most in World as Oil, Metals Decline
Russian stocks suffered the most among equity markets from oil and coppers recent drop, reported Bloomberg. Russia has invested a lot in oil, and Chris Weafer, a strategist in Moscow said, “For Russia, the most important issue is where oil should be priced.”
- Big Japanese Bank Increases Its Share Sale To $9.4 Billion
Sumitomo Mitsui, one of Japan’s megabanks, is having a share sale amounting to 923 billion yen ($9.4 billion). The bank wants to recover from the 390 billion yen deficit it ended with last fiscal year, reported The New York Times.
- IMF Chief Warns It Too Soon To Roll Back Stimulus
The chief of the International Monetary Fund says that it is too early to “roll back” the stimulus, reported Reuters. The IMF chief said, "We first have to exit the crisis before we can implement an exit strategy, and we haven't exited the crisis yet."
- Lee Calls For Quick Ratification Of US FTA
South Korean President Lee Myung-bak wants to quickly ratify the Free Trade Agreement with the United States. The Korea Times reported, “Seoul wants to quickly move ahead with the ratification of the agreement, but the Obama administration has been somewhat reluctant to do so, citing possible damages to U.S. businesses, especially the auto industry.”
- Work-Sharing May Help Companies Avoid Layoffs
Some companies are adopting work-sharing programs in order to prevent layoffs. The New York Times reported that 17 states have these programs, which would allow employees to work fewer hours and receive some of the difference in unemployment money.
- Sports Car Maker Koenigsegg Will Buy Saab From GM
General Motors will sell Saab to Koenigsegg, a Swedish sports car company. “The sale is tied to a $600-million loan by the European Investment Bank that's backed by the Swedish government,” reported LA Times.
