Wikinews:Briefs/Business/December 4, 2005
Sunday, December 4, 2005
These are short blurbs about current events in the business world.
G7 keeps pressure on China over currency
Financial ministers and central bank governors from the G7 countries are pressuring China to make it's exchange rate more flexible. "We expect that further flexible implementation of China's currency system would improve the functioning and stability of the global economy and the international monetary system," they said in a written statement. Separately US Treasury Secretary John Snow said "China's new exchange rate system has operated with too " He remarked "This rigidity constrains exchange rate flexibility in the region and thus poses risks to China's economy and the global economy."
Sources
- Jane Wardell. "G7 keeps pressure on China over yuan" — AFR, December 5, 2005
- William Spain. "China urged to loosen currency rules" — Market Watch, December 3, 2005
Virgin Mobile in talks to merge with NTL
Virgin Mobile is in merger talks with the cable operator NTL Inc. The deal will create UK's first company able to provide mobile, landline, Broadband, and TV services. Richard Branson, who holds 72% of Virgin Mobile, will own 14% of the new company to be called Virgin. The company will pose a strategic threat to Sky Broadcasting, which is 37% owned by Rupert Murdoch's News Corporation.
Sources
- Rob Branch. "Virgin Mobile in merger talks with NTL - sources" — Forbes, December 4, 2005
- Adam Pasick and David Cullen. "NTL said in talks to buy Virgin Mobile" — Reuters, December 4, 2005
U.S. Gas prices drop an average of 11 cents
Retail gas prices in the United States have dropped an average of 11 cents in the past two weeks according to the Lundberg Survey. The Survey, released today, says the weighted average price for all three grades fell to $2.16 a gallon as of December 2. The semimonthly survey surveys 7,000 gas stations nationwide. The lowest average price for regular unleaded was $1.89 a gallon in Tulsa, OK. The highest price was $2.55 in Honolulu. Gas prices have fallen about 88 cents a gallon since September according to Lundberg.
Sources
- "Gas Prices Drop an Average of 11 Cents" — ABC News, December 4, 2005
- "Gas Prices Drop an Average of 11 Cents" — MSN Money, December 4, 2005