Oil Drops below $79: Thanks to Threats from European Debt Crisis

Oil Drops below $79: Thanks to Threats from European Debt Crisis

On Friday, due to the European banks stress tests and the continuing debt crisis, the oil prices dropped below $79 a barrel. The price was $78.95 a barrel in electronic trading on the New York Mercantile Exchange by early afternoon in Europe.

Bank of Canada Raises Interest Rates

Bank of Canada Rises Interest Rates

On Thursday, Bank of Canada released its monetary policy report. The interest rate has been hiked to 0.75%, rather than a previous forecast of 0.25%. The underlying reasons for the same have not been told by the bank.

The bank projected that the GDP to grow by 3.5% this year, 2.9%in 2011 and 2.2% in 2012.

It also gave other statements which are stated below.

Greece to Follow Irish Philosophy

George Papandreou

With fears of the debt crisis looming large in the Greek economy, the experts have started following the business philosophy of Ireland which says that recovery cannot be estimated on the basis of traditional economic trends.

European Debt Crisis Continues to Increase

European Debt Crisis Continues to Increase

Despite the growth reported in the German economy and the growing business in the UK, the economic situation across Europe seems unlikely to show any improvement.

The Euro-zone is rather expected to suffer another round of sloth in the recovery due to the expected slump in the recovery process in US.

Samsung Launching Android 2.2 Update in Korea First

Samsung Launching Android 2.2 Update in Korea First

Samsung, the South Korean Electronic Company, is releasing its Android 2.2 updates in France and the rest of the Western World, by the fall of 2010, with reports hovering around the release taking place particularly in September, which is after its release in Korea.

Thief Targets Old Painting

Thief Targets Old Painting

Even though the Manet-style Emile Zola portrait is not very valuable and it is only valued at $7,500, it was very valuable for its owner Gertie Lerner. The painting along with a framed 9 x 12-inch, black and white portrait of its owner at age 17 had a lot of sentimental value for Lerner. It was stolen by a woman from Lerner's room at a west-side rest home.

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