Economic News

MOSCOW (AFX) - President Vladimir Putin defended Moscow's energy policies in a mass press conference seen as a chance for the Kremlin leader to repair Russia's battered image. Putin, who is due to step down next year, addressed critics' claims that energy-rich Russia is bullying ex-Soviet neighbours and putting supplies to Western clients at risk, saying that Moscow was a reliable partner, but wo ...

(Updating to add CEO comments from conference call) LONDON (AFX) - Rio Tinto said its net profit for the year to December 2006, rose 43 pct to a record 7.438 bln usd as it benefited from strong commodity prices and record output of key products including iron ore. The world's second-largest miner said strong demand for most commodities combined with a sound operational performance to produce the ...

WASHINGTON (AFX) - The Federal Reserve's seven-month pause in changing interest rates could turn out to be a lot longer. Some analysts think the Fed could stay on hold for all of 2007. That was the view after the Fed's latest comments on the economy relieved worries that the recent rebound in economic growth might be setting the stage for further interest rate increases. The Fed on  ...

However, Mr Bootle expects interest rates to fall to 4.5 per cent by the end of 2008. In the latest issue of the Deloitte Economic Review, Mr Bootle said the UK economy appeared to have built up a "reasonable head of steam". But concerns have grown over the threat of a slowdown in the United States economy and the impact of higher UK interest rates. He added: "There appears to be scope for the UK ...

This is Money1 February 2007 Gordon Brown faces legal challenges from airlines and tour operators over a controversial doubling of air passenger duty which comes into effect today. WANT TO KNOW MORE? Flight tax to cause travel chaos Plane tax row takes off 50 ways to save on holidays OTHER STORIES Shell reports record £13bn profit Market report: Thursday preview Google pul ...

TOKYO (XFN-ASIA) - Japanese government bond prices closed the day mixed in directionless trade following a rally in US Treasuries after the US FOMC pointed to easing inflationary pressures there, and a firmer stockmarket performance here, dealers said. The yield on the benchmark 10-year bond was up at 1.705 pct from 1.695 pct at the close yesterday. The yield on the lead five-year note firmed to ...

SEOUL (XFN-ASIA) - Share prices closed sharply higher, with sentiment lifted by Wall Street's overnight rally following the US rate freeze, dealers said. Investors found relief from the US Fed's expected move and an indication that the US economy remains healthy and that inflation pressures are easing, although they noted the central bank had left open the possibility of a rate hike. Most blue c ...

SYDNEY (XFN-ASIA) - Rio Tinto said its net profit for the year to December, 2006, rose 43 pct to a record 7.438 bln usd as it benefited from strong commodity prices and record output of key products including iron ore. The result was in line with market forecasts. The world's second-largest miner said strong demand for most commodities combined with a sound operational performance to produce the ...

SYDNEY (XFN-ASIA) - Rio Tinto said its net profit for the year to December, 2006, rose 43 pct to a record 7.438 bln usd as it benefited from strong commodity prices and record output of key products including iron ore. The result was in line with market forecasts. The world's second-largest miner said strong demand for most commodities combined with a sound operational performance to produce the ...

HONG KONG (XFN-ASIA) - The Hong Kong Purchasing Managers Index (PMI) for January stood at 55.9, down from 57.4 in December, according to the latest Brunswick data. A PMI level higher than 50 indicates that the manufacturing economy is generally growing. A level below that figure indicates it is contracting. Brunswick said PMI in January was below December's high, but remained above the average r ...