Biz people

US 'probably' in recession

IN BRIEF (Page 16)

Moody's points to huge potential of Islamic finance

The Islamic finance industry in Africa is set to expand to as much as $235 billion as economic growth accelerates and the continent attracts investments, Moody's Investors Service said.

Oz retail giant's profit rises 25%

David Jones Ltd, Australia's second-largest department store chain, said first-half profit rose 25 percent on Christmas demand for clothing and cosmetics.

Networking sites struggle to retain members

Virtual beer and vampires may no longer be enough to keep members of social networks like Facebook and News Corp's MySpace riveted to their computers.

Business International

US firms cash in on Iraq war

General Dynamics Corp, Harris Corp and L-3 Communications Holdings Inc benefited most among the Pentagon's 25 largest military suppliers from five years of war in Iraq, based on a combination of conflict-related sales and stock gains.

IN BRIEF (Page 16)

Business International

Bear leaps on report of boosted bid

Bear Stearns Cos surged 54 percent in early trading in New York after the New York Times reported that JPMorgan Chase & Co may quintuple its takeover offer for Bear Stearns Cos to more than $1 billion in an effort to win support from employees and shareholders opposed to the deal.

Crude oil falls to $101 a barrel

Oil prices fell yesterday as investors sought to lock in profits and as top exporter Saudi Arabia reassured consumers of its plans to boost supply.

Dollar up against yen on rate cut speculation

The dollar rose against the yen on speculation the Federal Reserve's interest-rate cuts and efforts to spur lending will help revive economic growth.