Stories for October 20th 2010

Wednesday, October 20th 2010 - 03:02 UTC
Fiat plans to invest 6 billion USD by 2015 in Brazil to boost production

Italy's Fiat will invest 10 billion Reais (USD 6 billion) in Brazil by 2015 in operations that include production of cars, auto parts and agricultural machinery.
Wednesday, October 20th 2010 - 02:58 UTC
Lehman bankruptcy proceedings expenses crossed the billion US dollars

Expenses related to the bankruptcy proceedings of Lehman Brothers Holdings, whose collapse worsened the financial meltdown in 2008, has crossed the 1 billion US dollar mark.
Wednesday, October 20th 2010 - 02:55 UTC
‘The Independent’ smaller brother to cater ‘readers of quality newspapers’

Alexander Lebedev, the Russian oligarch who owns the London Evening Standard and The Independent newspapers, will launch a new U.K. title next week to complement a new Independent format.
Wednesday, October 20th 2010 - 02:49 UTC
UK defence review: “peculiar” sweeping cuts in all forces

Harrier jump jets, the Royal Navy's flagship HMS Ark Royal and planned Nimrod spy planes are to be axed and 42,000 Ministry of Defence and armed forces jobs cut by 2015. Unveiling the strategic defence review, British PM David Cameron said defence spending would fall by 8% over four years.
Wednesday, October 20th 2010 - 02:39 UTC
Baroness Thatcher admitted to hospital for infection treatment

Former British Prime Minister Baroness Thatcher has been admitted to hospital to be treated for an infection. It is understood she has not fully recovered from an illness that prevented her attending Downing Street last week to mark her 85th birthday.
Wednesday, October 20th 2010 - 01:12 UTC
Indian commerce chambers underline Mercosur business opportunities

The potential for expanding trade and investments with Mercosur was underlined by the Federation of Indian Chambers of Commerce and Industry, Fecci, following on last month’s visit to the region by a delegation of Indian business people.
Wednesday, October 20th 2010 - 01:04 UTC
In a surprise move China raises interest rate for the first time since 2007

China has raised interest rates for the first time since 2007, as it tries to rein in inflation and dampen its red-hot real estate market. The People's Bank of China said it will raise its one-year lending rate to 5.6% from 5.31% and its one-year deposit rate to 2.5% from 2.25%.
Wednesday, October 20th 2010 - 01:02 UTC
Geithner vows not to devalue the dollar for export advantage

Treasury Secretary Timothy Geithner vowed that the United States would not devalue the dollar for export advantage, saying no country could weaken its currency to gain economic health.
Wednesday, October 20th 2010 - 00:59 UTC
China purchases 70.000 tons of Argentine soybean oil; in November 80.000 tons?

China has bought at least 70,000 tons of Argentine soybean oil after Beijing decided to unlock the imports ban that had resulted in a mounting-tension conflict. The move came after China agreed to allow all products coming from Argentina to enter its ports and was reported by Oil World magazine.
Wednesday, October 20th 2010 - 00:57 UTC
World Bank warns the US about consequences of dollar liquidity

Surging capital inflows threaten Asia's economic stability, the World Bank warned after Treasury Secretary Timothy Geithner sought to draw the venom from a global row over currencies by vowing not to devalue the dollar.