US at 'elevated' risk of recession

The United States is at an "elevated" risk of economic recession because of housing woes, faltering confidence within financial markets and high oil prices, the nonpartisan Congressional Budget Office said.

Fannie Mae may pay out higher dividends

Fannie Mae, the largest US mortgage-finance company, is prepared to pay three-quarters of a percentage point more in annual dividends on $7 billion of new preferred stock than it did just last month on a similar security.

Growth 'losing steam' in developed economies

Economic growth is losing steam in the industrialized world after a strong run and the US economy is slowing hard but not sliding into recession, the Organization for Economic Cooperation and Development said yesterday.

Biz People

Moores to fund huge telescope

IN BRIEF (Page 16)

Special Supplement

Fair tunes up opportunities

Over 12,000 visitors from 97 countries and regions visited the second Automechanika Shanghai, which took place at the Shanghai New International Expo Center late last year.

Automechanika kicks off in Shanghai

The Shanghai International Trade Fair for Automotive Parts, Equipment and Service Suppliers (Automechanika Shanghai) takes place today at the Shanghai New International Expo Center. The trade event is scheduled to end on Friday.

Business International

Purchase creates world's biggest video game firm

Vivendi SA agreed to buy a controlling stake in Activision Inc, the maker of the Guitar Hero music simulation franchise, for $9.8 billion to create the world's largest maker of video games.

Proton stock up on likely profit

Proton Holdings Bhd, Malaysia's state-owned carmaker, rose the most in more than five months in Kuala Lumpur trading after saying new models may help it return to profit.

Rio boss says company worth more than BHP offer

BHP Billiton's takeover offer for rival Rio Tinto was far away from a true valuation of the smaller company, Rio Tinto's chief executive said.