Yen Advances Against Dollar, Euro as Japan’s Export Slump Slows
The yen rose against the dollar and euro after a report showed a slump in Japan’s exports slowed in March, adding to signs the worst of the recession may be over.
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Canadian Currency Depreciates as U.S. Stocks Pare Advance
Canada’s dollar fell as U.S. stocks pared an advance. The currency, known as the loonie, declined 0.3 percent to C$1.2392 per U.S. dollar at 1:01 p.m. in Toronto, from C$1.2357 yesterday. Earlier it gained 0.2 percent. One Canadian dollar buys 80.70 U.S. cents. More
IMF sees ‘severe recession’
The world is in its worst economic state in 60 years, and recovery will be slow and painful, the International Monetary Fund says in its newest global outlook.
“The global economy is in a severe recession inflicted by a massive financial crisis and an acute loss of confidence,†the World Economic Outlook begins, projecting a steep 1.3 per cent contraction of the global economy this year and a dismal 1.9 per cent expansion next year.More
Automaker liquidation may focus on brands, patents
If any of the big three U.S. automakers is forced to sell assets in a liquidation, their brands and patents may attract the most interest, while the manufacturing assets could be a tough sell.
Both General Motors Corp and Chrysler LLC — currently being kept afloat by billions in taxpayer dollars — have warned they could file for bankruptcy if they are unable to reach deals with key stakeholders. A bankruptcy for either company is expected to save the stronger and more profitable parts of the companies, such as GM’s Chevrolet and Cadillac divisions and Chrysler’s Jeep unit, but some parts could be destined for fire-sales or liquidation as the U.S. auto industry grapples with sharply reduced consumer demand. More
GM says likely to miss debt payment deadline
General Motors Corp is unlikely to make a $1 billion debt payment due June 1 because it expects to be in the process of restructuring its debt through a voluntary exchange or bankruptcy court by that point, a spokeswoman for the automaker said on Wednesday. More
