Dollar gains it’s highest against Yen in 6 weeks

February 18, US dollar gained significantly against Yen for the first time in last six weeks by rising above 93 Yen. USD also gained its highest against EURO since November. The dollar rebound started to take place after the US stimulus plan was released by President Barak Obama.

General Motors eyes on immediate Government aid

February 18, General Motors is desperately seeking an aid of $16.6 Billion from the US Government as the company is finding it extremely difficult to survive in the present recession. GM has already gone for 47,000 job cuts and announced to lay off 3,000 more of its workforce. General Motors has received more than $13 Billion since December, 2008.

Australian Dollar hits a two week low

February 18, Australian Dollar went for a two week low this Wednesday amid the growing concerns regarding the financial condition of the European banks. AUD saw its position at $ 0.6332 USD before closing at $0.6401 USD locally. The Australian dollar was closed at $0.6414 USD on last Tuesday.

Canada to face greater recession

February 18, Experts fear to see a 2 percent fall in the Canadian economy this year making it even harder for the country to fight the recession. The annual decline is expected to reach 5 percent though earlier it was estimated to remain at 3.5 percent. The Canadian central Bank reduced its interest rate to 1 percent in the last month to enhance the economy. However, the rate setting council admitted that further rate cuts are required to tackle the situation.

Demand of gold rises above 3650 tons

February 18, The demand of gold passed 3650 tons as the metal receives a huge boost due to the recession. A recent statistics shows that the demand of gold increased 64% in 2008 than it was in 2007. The demand for gold coins and bars increased 87% last year while jewelry demand rose 11%.

Honda Motors to reduce its Jet production

February 18, Honda Motors, one of the top ranked Japanese car making companies is set to cut its jet production fixing the target to produce 70 to 80 jets each year from the later period of 2010. The earlier target was to generate up to 100 jets per year. The company faced a major blow due to the recession and expecting to face a $2.6 Billion loss this quarter.

Tags: Australian Dollar, Canada, General Motors, gold, Honda Motors, Japan, US Dollar

This entry was posted on Wednesday, February 18th, 2009 at 6:19 pm and is filed under Market News Updates. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.