Business


Moody's downgrades China's credit rating from Aa3 to A1

Major stock indexes across the European continent are dragging on Wednesday, pulled lower by news overnight that China's credit rating has been cut by ratings agency Moody's. "We expect direct government, indirect and economy-wide debt to continue to rise, signalling an erosion of China's credit profile", Moody's said in a statement .



OPEC and non-OPEC nations poised to extend output cuts

In contrast, a move to extend by 3 or 6 months would be seen as disappointing and any failure to extend cuts at all would have a substantial negative impact on prices. The country's Energy Minister Kanat Bozumbayev said he will seek to renegotiate the cap on its output before agreeing to an extended deal. OPEC Secretary General Mohammad Barkindo said there is "growing consensus".


Hong Kong stocks hit 22-month high despite Moody's China downgrade

Hong Kong stocks hit 22-month high despite Moody's China downgrade

The news triggered an early selloff in Chinese stocks, with shares in Shanghai SHCOMP, -0.36% falling more than 1% before recovering, in addition to modest losses for the Chinese currency in the freely traded offshore market. On the share market, the benchmark S&P ASX200 index gained 0.15 per cent, with the miners and major banks lower, but most other sectors stronger. Moody's said the now stable outlook reflected the assessment that risks were balanced.



Newark, NJ, airport closed after United Airlines engine fire

On the United flight there were 105 passengers and crew members and there were 149 passengers and 6 crew on the American flight. "Go down the slides and run away from the plane!" The flight was scheduled to depart for SFO at 9:22 p.m. He said that passengers had been transported back to the terminal and would be accommodated on later flights to San Francisco. Some of them shaken, five had minor injuries - including Oakland resident Portia Dixon.



Moody's cuts China credit rating over rising debt

Moody's revised the rating outlook to stable. Moody's last downgraded China's credit rating in November of 1989, months after the bloody crackdown on democracy protesters in Beijing's Tiananmen Square. But Moody's rejected India's claims - raising concerns over India's debt burden and bad loans worth United States dollars 136 billion - and said, according to the report: "Not only was India's debt burden high relative to other countries with the same credit rating, but its debt ...



Memorial Day Weekend: Rainy at times

There will be a threat of rain, as well. Friday and Saturday are expected to be dry, but a chance of rain returns for Sunday and Monday. The National Weather Service at Morristown is now forecasting a 50 percent chance of rain on Thursday.