Investors on Wall Street fretted Tuesday that a deal to keep Greece from triggering a financial crisis might fall apart, and a slew of corporate earnings reports at home didn’t make them feel much better.
The Dow Jones industrial average closed down 33 points at 12,676. It has risen or fallen less than 100 points in 14 straight trading sessions, the longest calm stretch since late March and early April last year.
The Standard & Poor’s 500 ended in the red for only the third time this year, losing a point to close at 1,315. The most the S&P has lost in a day this year is seven points. It is up 4.5 percent for 2012.
The Nasdaq added two points to close at 2,787 after a day of wavering between small gains and losses.
The South African National Roads Agency (Sanral) denied on Tuesday that its e-toll terms and conditions were either unfair or illegal.
Responding to media reports, Sanral said that nowhere in the conditions does it indicate that Sanral would obtain more information than it otherwise needed. The information required may differ from person to person and accordingly the reason for the provisions of the clause.
“As to whether Sanral obtained more information than may be permitted is a factual issue which can be addressed at the relevant time. Full Article…
Southeastern Brazil’s Minas Gerais state governor Antonio Anastasia will request at least 1.5bn reais (US$814mn) in funding from the federal government on Tuesday (Jan 10) to support flood prevention, reconstruction and sanitation work.
The state aims to rebuild areas that were damaged by recent heavy rain and flooding. Work will include bridge construction, slope contention, drainage works and urban infrastructure improvements, federal news service Agкncia Brasil reported.
The state’s priority is to repair damaged roads and fully restore water supply and electrical power services, Anastasia said, adding that disaster prevention projects will be carried out during a second phase.
The U.S. Chamber of Commerce released its quarterly Small Business Outlook Survey on Monday with some pretty grim results. The survey of more than 1,400 small-business owners revealed that an overwhelming 84 percent believed the U.S. economy is on the wrong track.
Nearly 50 percent of the small-business owners cited economic uncertainty as their greatest challenge, while the U.S. Full Article…
Oil prices inched lower toward $102 a barrel Wednesday in Asia as investors eyed signs of an improving U.S. economy.
Benchmark crude for February delivery fell 40 cents to $102.56 a barrel at late afternoon Singapore time in electronic trading on the New York Mercantile Exchange. The contract jumped $4.13 to settle at $102.96 in New York on Tuesday.
In London, Brent crude was down 32 cents at $111.81 a barrel on the ICE Futures exchange.
Crude has jumped from $75 in October amid evidence the U.S. economy is slowly growing and may avoid recession this year.
BDO South Africa, a regional association of accounting firms says that the cost of an extra public holiday, as declared by the presidency on Wednesday, would result in an estimated R7-billion loss in turnover.
Acting president Kgalema Motlanthe declared December 27 a public holiday throughout the Republic, the presidency said on Wednesday.
The declaration was made in terms of Section 2A of the Public Holidays Act, 1994 (Act No.36 of 1994).
Olivier Barbeau, chief operating officer at BDO South Africa, said: “South Africans typically enjoy 13 paid public holidays a year. This, on the face of it, is comparable to other countries like the US, France and Singapore. Full Article…
Brazil needs to diversify its national energy matrix because by 2035 hydro plants are likely to generate nearly 30% less power due to the effects of climate change, Roberto Schaeffer, an energy expert at Rio de Janeiro Federal University’s (UFRJ) Institute for Studies in Engineering (COPPE), told BNamericas.
“Many studies indicate that the rainy season will be less intensive in different parts of the country, and that will affect hydros, especially the run-of-the-river plants,” he said.
Currently, around 80% of Brazil’s power is generated by hydro plants, according to figures from the mines and energy ministry.