File photo of Nathan Tinkler in October 2008 in Melbourne, Australia.Billionaire Nathan Tinkler’s rags-to-riches story in peril as his debt woes increaseOn Tuesday an Australian court ordered the liquidation of his personal holding companyThe 36-year-old mining magnate’s racing empire and sports empire are in troubleJust nine years ago, Tinkler was an electrician working in the mining industry Nine years ago he was an electrician. Six months ago, he was worth some A$ 1.18 billion ($ 1.22 billion) Australia’s mining boom having turned him into the country’s richest person under 40 years old.Now, coal baron Nathan Tinkler, 36, is facing a [...]
MEXICO CITY Finance chiefs of the world’s leading economies are ringing alarm bells over the U.S. fiscal cliff and Europe’s debt woes at a meeting in Mexico this weekend as they look to push back deficit reduction targets to help boost growth. Unless a fractious U.S. Congress can reach a deal, about $ 600 billion in government spending cuts and higher taxes are set to kick in on January 1, threatening to push the American economy back into recession and hit world growth. But with the U.S. presidential election looming on Tuesday, dealing with the fiscal cliff has been delayed. [...]
MEXICO CITY Finance chiefs of the world’s 20 leading economies are ringing alarm bells over the U.S. fiscal cliff and Europe’s debt woes at a meeting in Mexico this weekend as they look to push back deficit reduction targets to help boost growth. Unless a fractious U.S. Congress can reach a deal, about $ 600 billion in government spending cuts and higher taxes are set to kick in on January 1, threatening to push the American economy back into recession and hit world growth. But with the U.S. presidential election looming on Tuesday, dealing with the fiscal cliff has been [...]
Intel Corp forecast fourth-quarter revenue and margins below Wall Street’s expectations, as the personal computer industry weathers a shaky global economy and a persistent shift by consumers toward tablets. International Business Machines reported revenues below analysts’ targets with technology spending held back by a waning global economy, helping send its shares lower. Commentary Intel: STACY RASGON, ANALYST, SANFORD C. BERNSTEIN & CO “I’m always amazed that they can preannounce and still beat it. Although some of it looks like it was from a tax beat — some revenue upside, some gross margins. The Q4 guide is weak, revenue and particularly [...]
LONDON A stark warning from the IMF about the global growth outlook and the prospects for Spain and Greece sent European stocks and the single currency lower on Tuesday, while oil rose on escalating tensions in the Middle East. The gloomy IMF report came as riskier asset markets like equities are on the hunt for signs of improving economic activity after prices rose sharply last month when the world’s major central banks eased policy aggressively. The weaker outlook from the IMF and its potential to affect corporate earnings sent the FTSEurofirst 300 index <.FTEU3> of top European shares down 0.2 [...]
LONDON/NEW YORK The euro zone’s economic woes accelerated last month and China’s slowdown looked likely to extend to a seventh quarter, surveys on Wednesday showed, while the United States proved the bright spot with better-than-expected news on services and jobs. Purchasing managers indexes (PMIs) suggested the aggressive actions taken by the world’s central banks over the last two months have yet to convince consumers to start spending again. The chances have dwindled of the euro zone in particular seeing growth again before next year. Falling new orders and more layoffs marked a worsening decline for euro zone companies, the PMIs [...]
Smart car shoppers know the exact amount they can spend on buying a car, but once the negotiation is over, the deal can get sometimes more expensive. That’s when the dealer tells you what car loan interest rate you can get. A better approach is to get your own car financing, and get it in advance if possible. Now that credit is loosening up, so-called blank-check car loans are available from an increasing number of lenders. Similar to preapproval for a home loan, blank-check car loans give car shoppers an approval for a car loan up to a specific amount. [...]
Sheikh Abdullah Al Thani (right) purchased Spanish La Liga team Malaga in June 2010 and proceeded to spend millions bringing top players to the Costa del Sol. Under the guidance of former Real Madrid coach Manuel Pellegrini, players such as Santiago Cazorla and Dutch defender Joris Mathijsen helped Malaga finish fourth and qualify for the Champions League for the first time. However, Pellegrini was reportedly not paid for several months this year, while sporting director Fernando Hierro quit in May. As Malaga began cutting costs, the big-name players left the club. Cazorla was transferred to English team Arsenal, while Mathijsen [...]
Shares of Dell (DELL) slumped 7% on Wednesday as a slew of analysts soured on the No. 2 U.S. PC maker a day after it disclosed a deeper-than-expected 8% slide in sales and downgraded its 2012 earnings targets. The gloomy news from Dell was largely triggered by its struggles to grapple with a “challenging” PC environment. The tech company disclosed a 22% year-over-year plunge in consumer sales to $ 2.6 billion, compared with a more muted 3% decline in large enterprise revenue to $ 4.5 billion. “We believe the larger and a more secular issue for Dell is faster than [...]