Thursday 28 July 2011

More leading stories

More headlines from today - far too much to cover individually!

Wall Street ends day reeling from big losses

Stocks plunged Wednesday as the U.S. edged closer to defaulting on its debt and the economy showed more signs of deteriorating. 

Major indexes gave up all of their gains for the month. The Dow Jones industrial average fell 198.75 points, or 1.7 percent, to 12,302.55, its biggest one-day drop since early June. It has fallen for four days straight.

Vote of No Confidence: Deutsche Bank Dumps 70% of Spain, Portugal, Ireland, Greece, Italy Debt

The German bank Deutsche Bank has reduced by 70% exposure to debt issued by countries of the periphery of the euro as Spain, Portugal, Ireland, Greece and Italy in the first six months of the year to 3.669 million euros, according reported by the entity.

Iran revolutionary guards' commander set to become president of Opec

A senior commander of Iran's revolutionary guards, who is subject to comprehensive international sanctions, has been nominated as the country's oil minister, a position that currently includes the presidency of Opec.

Saudis step in as Iranian oil dries up

Saudi Arabia has agreed to sell 3 million barrels of additional crude oil to India next month to make up for supply cut by Iran over unpaid bills, touching $7 billion. Saudi Aramco, the national oil firm of Saudi Arabia, will supply one million barrels each to Essar Oil, Bharat Petroleum and Hindustan Petroleum in August while Mangalore Refinery, too, is in talks to contract similar volumes, officials said on Tuesday.

Iran, which had towards the end of June warned of stopping exports to India unless dues are cleared, has not informed refiners of crude shipments for the month of August.

Hindustan Times

Saudis  Nissan quarterly profit 
drops 20%
Nissan’s quarterly profit dropped 20% as Japanese automakers took a battering from the quake and tsunami disaster that disrupted car production and destroyed dealerships.

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