An $11 billion buy-out by Federated Department Stores of May Department Stores will create the largest single chain of department stores in the US. Bringing together brand names such as Bloomingdales, Macy’s, and Marshall Fields, the deal will mean that Federated Department Stores will have ownership of over 1,000 stores across the US, with combined [...]

Comments from the South Korean central bank led to investor fears of a sell-off of Asian dollar reserves, resulting in a large slid in the dollar’s value. There has already been a movement from US dollar holdings in central banks, to more diverse currency management, not least while the euro and Australian dollar are currently [...]

US markets warmed to strong profit results from major coporations today. Although Boeing reported a profit fall of 84% on last year, due to closure of its 717 programme, this still created above expectation net profits of $186m. The defence arm was especially credited with good performance. And with the Boeing 7E7 due for ceremony [...]