Global Investing

South Africa fall in interest rates; BlackRock Cans 500; Empire Buy Co. Posts 13% Profit, KB Toys files for bankruptcy, Citi and UBS, 30 billion in new securities, Bank of America to cut 35,000 jobs
* Central Bank of South Africa by half a percentage point reduction in its interest rate reference, marking the first reduction, the country interest rates over three years, reported Bloomberg. The growing global crisis, rising unemployment and falling prices inhibit the growth of emerging economies.
* Publicly traded asset manager BlackRock Inc. cut 500 jobs, Chief Executive Laurence Fink said on Thursday. Many of the jobs lost were part-time employees, reported Reuters. BlackRock is the largest managers of U.S. assets.
* The second quarter increased 13% at Empire Co., the second largest supermarket chain, Canada is the one. Net income rose to $ 53.6 million and sales increased 7% in the three months until November 1, reported Bloomberg.
* KB Toys Inc. announced yesterday (Thursday) has been declared insolvent holding the second time in four years and expects to be out of the sales business in its stores immediately. The 86-year-old company said in a file that is his request directly to a sudden and sharp decline in the purchase of consumer goods, an indication of how poor this holiday season has, for many retailers .
Settle * Light sweet crude for January delivery yesterday (Thursday) at $ 4.46 to 47.98 dollars a barrel on the New York Mercantile Exchange. Oil has risen 12% in early morning near $ 49 a barrel.
* Citigroup and UBS AG yesterday (Friday Agreement), the redemption rate by a total of nearly $ 30 billion in auction-risk securities that the Securities and Exchange Commission said that banks sell to customers as safe. Tens of thousands of customers who bought auction rate securities before the market is 330 billion dollars frozen in mid-February, the SEC said.
* Bank of America Corp. said yesterday (Thursday) that it plans to cut 35,000 jobs over the next three years. The bank has announced cuts to eliminate duplication in order to merge with Merrill Lynch & Co. Inc., as well as the recessionary environment.