Word: tuesday
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Amid the tide of red ink flowing from many of the world's largest banks these days, big profits seem out of fashion. On Tuesday alone, Deutsche Bank announced its first quarterly loss in five years, while HBOS, the U.K.'s biggest mortgage lender, said it would replenish its depleted coffers with an $8 billion share sale. Both firms announced billions of dollars of fresh write-downs...
...just can't keep Big Oil down. Trouncing analysts' expectations Tuesday, BP and Royal Dutch Shell, Europe's largest oil companies, delivered record profits for the first quarter of 2008. Anglo-Dutch firm Shell netted $7.78 billion in the first three months of this year, up 12% over the same period in 2007. Profits at rival BP, meanwhile, swelled by almost half to $6.59 billion. Shares in each firm climbed almost 5% on the news...
...better. But given the surging price of a barrel of oil, both businesses must share the plaudits with the markets. A spiraling dollar and jitters over supply have helped drive oil prices up almost a quarter this year, reaching a fresh record of almost $120 on Monday. An end Tuesday to the two-day strike over pensions by refinery workers in Scotland - which had earlier halted much of the North Sea's oil production and wreaked havoc with gas supplies in Scotland - won't do a nervous market any harm. But there's little sign of oil prices easing significantly...
...Tsvangirai is pronounced the winner on Tuesday, the political violence that has gripped the country over the past month could escalate rather than abate, because commanders of the security forces have vowed never to yield to opposition rule. The MDC claims that 15 of its supporters have been killed, and hundreds more beaten, tortured and evicted as ZANU-PF attempts to assert its authority in rural areas and MDC strongholds. Outside observers concur that political violence is increasing. On Monday, the 215 opposition supporters rounded up in a raid on MDC offices in Harare on Friday - many of them injured...
...showing little sign of meekly accepting the verdict of the electorate. Last Friday, a South African newspaper reported that Angolan President Eduardo dos Santos, a longtime Mugabe ally, was ready to send his troops to the Zimbabwean ruler's aid if necessary. And if the results announced on Tuesday require a runoff vote, the violence and intimidation currently being meted out on opposition supporters could keep voters away from the polls - and yet steal victory from Tsvangirai...