Tiffany profit beats; view raised ahead of holiday

Tiffany & Co reported a larger-than-expected quarterly profit and raised its forecast for full-year earnings on the strength of its overseas sales and a solid start to the holiday season, sending the upscale jeweler’s shares up nearly 6 percent.
The company’s sales showed double-digit growth in Asia and a slower rate of decline for the […]

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GMAC seeking third bailout - report

GMAC Financial Services is seeking a third round of bailout funds from the U.S. Treasury Department, according to a report in the Wall Street Journal.
Talks over a fresh lifeline are at an advanced stage and the U.S. government could provide an additional $2.8 billion to $5.6 billion to the lender, the report said, citing […]

Ireland’s Lenihan Says Banks May Need More Capital

Irish Finance Minister Brian Lenihan said the country’s biggest banks may need further money from the state even after selling real-estate loans to the government.
The proposed National Asset Management Agency will pay 54 billion euros ($79.4 billion) to buy loans with a book value of 77 billion euros from five lenders, including Bank […]

U.K. Had Record Deficit in August as Tax Revenue Fell

Britain posted the biggest budget deficit for any August since modern records began in 1993 as the recession destroyed tax revenue and welfare costs soared.
The 16.1 billion-pound ($26.3 billion) shortfall compared with a deficit of 9.9 billion pounds a year earlier, the Office for National Statistics said in London today. The median of […]

Australia’s Swan Sticks to Promise of Budget Surplus by 2016

Treasurer Wayne Swan maintained his forecast for the nation to return to a budget surplus by 2016 even as it grapples with a surge in population and the resulting pressure on services.
Managing the rising population and the impact of climate change may be “two of our greatest economic challenges,” Swan said in e-mailed […]

Astra drug beats Plavix without major bleed risk

AstraZeneca’s new pill Brilinta for preventing heart attacks works better than Plavix, the world’s second biggest selling drug, without increasing the amount of life-threatening bleeding, researchers said on Sunday.
The positive clinical trial result should ensure the blood thinner wins a slice of the Plavix market, worth $9 billion last year, and is likely to […]

Medvedev Tells Executives Russia to Rebound Fast

President Dmitry Medvedev says the Russian economy will rebound faster than expected. An audience of government officials and executives meeting at the weekend mainly agreed, while demurring on the shape of the recovery.
“I expect the Russian economy, as one of these rapidly developing markets, to overcome its problems more quickly than had perhaps […]

Philippines May Cut Growth Target, Widen Deficit, Andaya Says

The Philippine government said it may cut its 2009 economic target and widen the budget-deficit estimate a third time this year after growth slowed to the weakest pace in a decade last quarter.
A deficit of about 250 billion pesos ($5.3 billion) or 3 percent of gross domestic product “is something that we might […]

Fenton-based Tacony moves vacuum production to St. James from Asia

Tired of quality problems at Asian factories, Fenton-based Tacony Corp. is moving the manufacture of two vacuum cleaner models to its plant in St. James, Mo.
The plant will add 20 jobs as the models are brought on line this summer. The St. James plant now employs 120 people.
Joy Petty, Tacony marketing director, […]

Singh May Set Record in India Asset Sales After Election Victory

Indian Prime Minister Manmohan Singh, who began his second term this week, may set a record for selling state assets as he revives efforts that were foiled by his former communist allies, bankers and analysts said.
The new administration could start by resuming share sale plans for NHPC Ltd., India’s largest producer of electricity […]