Firstgold Corp. failed to submit its annual financial on time report Monday. The company said a pungent cash crunch banned it from filing the mandated audit. Company executives told the audit report for the recent fiscal year that ended 31 January would be completed when cash becomes available. Nonetheless, the authority did not mention when financial condition would improve.
The Cameron Park-based group inaugurated production in March at a gold mine at Nevada. However, since it had hit hard times as leading officials to deem selling Firstgold. The company hired Haywood Securities Inc. to help getting a buyer or extra financing. Haywood is a Canadian investment banking company.
The company’s chief executive Steve Akerfeldt told in a press release that Firstgold started negotiations with more three potential buyers. The company has leases on more than10,000 acres in Nevada. Firstgold has suspended gold processing. It has spent around $16 million to expand the processing facility & capability at Relief Canyon Mine.
The giant Walt Disney Co.’s quarterly revenue fall 46 percent of this year particularly at its movie-studio and theme-park sector. Robert Iger, the chief executive and President called the quarter “difficult … due to the weak economy and other factors”.
Disney made total revenue of $613 million in first 3 months of 2009, low from $1.13 billion one year ago. The movies of Walt Disney have demonstrated to be a box office disappointment in this year and the income at theme parks, which provide approximately a quarter of the company’s earning, fell 50 percent and profits turned down 12 percent.
So, to recover their loss, Disney has been providing reduction offers to increase audience and has cut almost nineteen-hundred jobs in the unit.
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On Saturday, first trading day of the week Saudi Arabia’s Tadawul all shares index raise 3.2 percent to 5,200.17 points which is the uppermost level since Jan 7. The Tadawul is the only Arab exchange observing by Bloomberg. The shares index has increased 9.3 per cent this year after trailing more than half its price in 2008 as oil prices fall. Al Rajhi, the country’s major bank posted an achievement in quarterly revenue, as rumor grew that the worst of the credit crisis is now to near of the end and government actions will help revitalize the global financial system.
Al Rajhi, reported an 8.1 per cent increase in quarterly net income. The second biggest bank by market price Samba monetary Group higher as much as 6 per cent. And giant food producer Almarai Co. gained as much as 2 per cent later than posting a 22 per cent rise in quarterly earnings.
On Saturday Jadwa Investment Company said,
Share prices have picked up in recent weeks after hitting a 64-month low in the first half of March. It also added
This is largely the result of improvements in global markets and rising oil prices, as investors showed a good response to various gov’s stimulus packages.
Military-ruled Myanmar when tried to enrich their military equipment from various sources. Right that time Norway announced the company that will assist the Myanmar government interest they cannot help them more. Norway has already started to take action who involved with Myanmar government. As a result, China’s Dongfeng Motor Group has been banned from the country’s investment portfolio as it sells equipment to Myanmar.
Norway’s finance ministry has announced that we will not support any other financial corporations in China.
Each country of the world is taking different kinds of step to protect against the global economic crisis. Bermuda also trying to takes some immediate necessary steps protest against this crisis. As a step the government of the country already raises borrowing limit.
Members of Parliament in Bermuda have nearly doubled the government’s borrowing limit to $1 billion. Paula Cox, Finance Minister of Bermuda says the new law also created a $250 million economic cushion that can be used if the financial system is threatened. She hinted the limit might be raised again. The approval come up to as the administration plans to have a loan of an estimated $147 million to assist pay for quite a few capital projects and a latest hospital.
The bill was permitted on this Friday soon after members of parliament decided to increase the capital of Butterfield Bank by US$200 million in a significant deal. The local bank could not lift cash among the personal or private sector to get together stricter rule standards.