Shareholders of the telecommunications equipment manufacturers Alcatel and Lucent have approved an $11 billion merger of the two companies. The new company, which will be called Alcatel Lucent, will be the world's largest telecommunications equipmen
After almost reaching $80 a barrel in July, oil prices have dipped below $64, and the Organization of the Petroleum Exporting Countries (OPEC) is worried about further price drops. At a meeting in Vienna, the cartel of mostly mideastern oil-producin
Telecom Italia, Europe's fifth-largest telecommunications company, announced plans to split its fixed-line and mobile phone units into separate companies. After spinning off their mobile operation Telecom Italia Mobile (TIM) in the 1990s, Telecom It
Tensions mounted in Singapore as members of the International Monetary Fund and the World Bank gathered for their annual meeting. Representatives of about 500 Non-Governmental Organizations (NGOs) were given credentials to attend, but the Singapore
A group of three oil companies led by the American company Chevron have announced the discovery of a new oil field in the Gulf of Mexico, about 270 miles south of New Orleans. The new field may have between 3 and 15 billion barrels of oil. The resul
Hewlett-Packard announced that private investigators that they hired to find the source of leaks to the press broke the law as part of their research. The investigators pretended to be Hewlett-Packard board members in order to convince phone compani
Two Canadian mining companies are merging to become the world's third-largest gold mining company. Goldcorp and Glamis Gold will become a single company named Goldcorp worth about $21.3 billion. (The largest gold mining company, Barrick Gold, is als
The International Monetary Fund is giving a bigger share of votes to Mexico, Turkey, South Korea, and especially China to account for the growing role their economies play in the world. The United States encouraged this change to give these countrie
James Bond's car maker is up for sale. The ailing Ford Motor Company needs money, and while they currently have no plans to sell their Jaguar or Land Rover lines of luxury cars, they are offering the Aston Martin brand for sale. Astin Martin was fou
A Russian bank has been buying shares of EADS, the parent company of European aircraft company Airbus. According to the Russian newspaper Vedomosti, the state-owned Vneshtorgbank has spent a billion dollars on 4.5% of EADS. The bank has not publicly
China and Venezuela signed an agreement for the South American country to provide a million barrels of oil a day to China by the year 2019, with China promising to help Venezuela join the United Nations security council. China's growing economy make
In their annual meeting in Singapore with the World Bank, the International Monetary Fund has voted to give increased voting shares to China, South Korea, Mexico, and Turkey. Some countries, including India, Argentina, Egypt, and Brazil, said that t
China has agreed to buy $25 billion worth of liquefied natural gas over the next 25 years from the Malaysian national oil and gas company known as Petronas (short for Petroliam Nasional Berhad). The Chinese want to increase their use of natural gas
British Petroleum has put someone new in charge of their operations in Alaska, where they spilled 800,000 gallons of oil in March and where they shut down the biggest oil field in the United States in August because of pipeline corrosion. BP is the
The problems that Dell, Apple, Toshiba, Lenovo, and other laptop makers have had with Sony battery recalls have finally caught up with Sony. That plus development costs for their upcoming PS3 video game machine gave Sony a 94% drop in profits for th
Things look bad for two of America's big three automakers, and only a little better for the third. Ford Motor Company reported a $5.8 billion loss for the third quarter of this year, their worst quarterly loss in fourteen years. Analysts expect thei
Several days after Columbia University's Edmund Phelps won the Nobel Prize in Economics for his theories about the relationship between inflation and unemployment, the Noble Peace Prize was awarded to a man with some useful ideas about economics. Mu
Twenty months after founding the video website YouTube, founders Chad Hurley and Steve Chen have accepted a $1.65 billion offer for the company from search engine Google. YouTube has become famous for providing videos of everything from last night's
The growing international business of online betting is looking for customers outside of the United States. Although the US has been the largest market for Internet gambling companies, a new bill just passed by Congress in that country has made it i
US auto maker General Motors will not become part of the Renault-Nissan alliance. Instead of continuing their negotiations until October 15th, as they had announced, GM chief executive Rick Wagoner called Carlos Ghosn, who runs French auto company R