Clyde is a business graduate interested in writing about latest news in politics and business. He enjoys writing and is about to publish his first book. He’s a pet lover and likes to spend time with family. When the time allows he likes to go fishing waiting for the muse to come.
The National Highway Traffic Safety Administration (NHTSA) has expanded a recall of vehicles with potentially dangerous Takata airbags to 7.8 million.
The NHTSA warned that owners should take “immediate action”.
If deployed with force, the airbags have the potential to eject deadly shrapnel at passengers.
The NHTSA has identified 10 manufacturers who used Takata as a supplier, including General Motors, Honda, and Toyota.
The agency has told those who might own affected vehicles to check the list at www.safercar.gov, and specifically warned those living in more humid climates such as Florida and Hawaii to get their vehicles inspected.
“Responding to these recalls, whether old or new, is essential to personal safety and it will help aid our ongoing investigation into Takata airbags and what appears to be a problem related to extended exposure to consistently high humidity and temperatures,” said NHTSA deputy administrator David Friedman in a statement.
The NHTSA has expanded a recall of vehicles with potentially dangerous Takata airbags to 7.8 million
Initially, the NHTSA said that only 4.7 million cars could be affected, but it has increased the number of vehicles twice in recent days.
Japanese supplier Takata warned recently that older airbags could explode with too much force, which would send plastic and metal parts towards passengers with enough force to injure them.
Takata said it estimated that around 12 million vehicles around the globe may contain the parts.
The recall notices have been ongoing for the past 18 months, but regulators and car manufacturers have warned that only a small percentage of those cars potentially affected have been returned and inspected.
The majority of the affected vehicles – more than five million – are Honda cars manufactured between 2001 and 2011, including the Accord, Civic, and Pilot models.
Americans who rely on federal benefits will get a 1.7% increase in their monthly payments in 2015, the US government announced on October 22.
It’s the third year in a row the increase will be less than 2%.
The annual cost-of-living adjustment (COLA) affects payments to more than 70 million Social Security recipients, disabled veterans and federal retirees. That’s more than a fifth of the country.
The increase amounts to about $20 a month for the typical Social Security recipient.
The government announced the benefit increase on October 22, when it released the latest measure of consumer prices. By law, the increase is based on inflation, which is well below historical averages so far this year.
For example, gasoline prices have dropped over the past year while the cost of clothing is up by less than 1 percent, according to the September inflation report released today.
The cost of meat, fish and eggs is up by nearly 10%, but the overall cost of food is up just 3.1%.
Medical costs, which disproportionately affect older Americans, are up 1.9% over the past year.
Americans who rely on federal benefits will get a 1.7 percent increase in their monthly payments in 2015
Congress enacted automatic increases for Social Security beneficiaries in 1975, when inflation was high and there was a lot of pressure to regularly raise benefits.
For the first 35 years, the COLA was less than 2% only three times. Next year, the COLA will be less than 2% for the fifth time in six years. This year’s increase was 1.5%, the year before it was 1.7 percent.
Social Security is financed by a 12.4% payroll tax on the first $117,000 of a worker’s wages – half is paid by the worker and half is paid by the employer. Next year, the wage cap will increase to $118,500, the Social Security Administration said.
About 59 million retirees, disabled workers, spouses and children get Social Security benefits. The average monthly payment is $1,192.
The COLA also affects benefits for about 4 million disabled veterans, 2.5 million federal retirees and their survivors, and more than 8 million people who get Supplemental Security Income, the disability program for the poor.
By law, the COLA is based on the Consumer Price Index for Urban Wage Earners and Clerical Workers, or CPI-W, a broad measure of consumer prices generated by the Bureau of Labor Statistics. It measures price changes for food, housing, clothing, transportation, energy, medical care, recreation and education.
The COLA is calculated by comparing consumer prices in July, August and September each year with prices in the same three months from the previous year. If prices go up over the course of the year, benefits go up, starting with payments delivered in January.
Romanian Simona Halep beat Serena Williams for the first time as the world No 1 was swept aside in the WTA Finals in Singapore on October 22.
Simona Halep, 23, took advantage of an error-strewn display from the defending champion to make it two wins out of two in the Red Group, coasting to a 6-0 6-2 victory in just 65 minutes.
An out-of-sorts Serena Williams, 33, was made to pay for 36 unforced errors and seven double faults as Simona Halep beat a player ranked in the top three in the world for the first time at the ninth attempt.
Eighteen-time grand-slam winner Serena Williams allowed her frustration to get the better of her as the ruthless Simona Halep took a giant stride towards the semi-finals in her first appearance in the season-ending event.
Simona Halep wrapped up the first set in just 20 minutes, with Serena Williams suffering the embarrassment of losing 6-0 in a set for the first time this year and only the eighth time in her remarkable career.
Simona Halep beat Serena Williams for the first time as the world No 1 was swept aside in the WTA Finals in Singapore
Serena Williams struggled on serve throughout and French Open finalist Simona Halep made her pay, taking three of the four break points that she fashioned and not giving her opponent an opportunity to break back.
Six of Serena Williams’ double faults came in the opening set and that set the tone for a one-sided match, as she was unable to turn the tide.
Simona Halep broke yet again in the first game of the second set and fended off two break points to go 2-0 up.
It took the favorite 37 minutes to get on the board by making it 2-1, but even that proved to be a false dawn as Simona Halep had a spring in her step and broke again to lead 4-1.
Serena Williams was unable to take a break point that might have given her a glimmer of hope in the following game and Simona Halep sealed a memorable victory by converting her third match point to leave the defending champion stunned.
Oscar Pistorius has begun jail sentence for killing his girlfriend Reeva Steenkamp.
The South African Paralympic champion was driven to Pretoria’s Kgosi Mampuru prison where he is expected to be housed in the hospital wing.
Judge Thokozile Masipa gave Oscar Pistorius a five-year jail sentence for culpable homicide, but cleared him of murder.
Oscar Pistorius’ defense said it expected him to serve about 10 months, with the remainder under house arrest. His family say he will not appeal.
Reeva Steenkamp’s parents said they were happy with the sentence and relieved the case was over.
Prosecutors had called for a minimum 10-year term, and the defense had argued for community service and house arrest.
Oscar Pistorius, 27, an amputee sprinter who became the first athlete to compete in the Olympic and Paralympic Games, killed Reeva Steenkamp on Valentine’s Day in 2013.
Oscar Pistorius has begun jail sentence for killing his girlfriend Reeva Steenkamp
He says he shot Reeva Steenkamp by mistake, fearing there was an intruder in his house in Pretoria.
Reeva Steenkamp, a 29-year-old model, reality TV star and law graduate, was hit three times by bullets fired by Oscar Pistorius through a toilet door.
Oscar Pistorius showed little reaction to the sentence other than to wipe his eyes before being led away to a holding cell downstairs.
He was then driven away from court in an armored police van to Pretoria’s Kgosi Mampuru prison, where he was expected to undergo a medical assessment.
It is likely that he will be held in a one-man cell in the hospital wing, thought to be most appropriate for the athlete’s disability.
Correctional services spokesman Manelisi Wolela told AFP news agency Oscar Pistorius was “already accommodated at Kgosi Mampuru”.
He could be released after serving a sixth of his sentence, or 10 months, for good behavior.
However, Dup De Bruyn, a lawyer for the Steenkamp family, told Reuters that he believed Oscar Pistorius would probably serve two years.
Oscar Pistorius’s uncle, Arnold, said the family would not appeal against the sentence.
“We accept the judgment. Oscar will embrace the opportunity to pay back to society,” he said.
He appealed to the media to “accept the ruling of court and let us move forward in this process and give us some degree of dignity and privacy”.
Judge Thokozile Masipa said she considered her sentence “fair and just, both to society and to the accused”.
She said: “A non-custodial sentence would send the wrong message to the community. On the other hand, a long sentence would also not be appropriate either, as it would lack the element of mercy.”
The judge said Oscar Pistorius had made an “enormous contribution to society”, in his charity work and in changing the public perception of disability.
But she added: “It would be a sad day for this country if an impression were to be created that there was one law for the poor and disadvantaged, and another for the rich and famous.”
Judge Thokozile Masipa also gave Oscar Pistorius a three-year suspended sentence for a separate incident – firing a gun in a restaurant.
The prosecution service said it would consider an appeal but expressed satisfaction that Oscar Pistorius had been given jail time.
However, the Women’s League of South Africa’s ruling African National Congress said it did plan to appeal.
“We’re doing this not only for Reeva but for the millions of South African women who are killed at the hands of their partners, people who are supposed to protect them,” said spokeswoman Khsuela Sangoni.
“A five-year sentence like this sends a message to society that it is fine to commit such heinous crimes as femicide, and you will be able to get away with a slap on the wrist.”
Microsoft CEO Satya Nadella has been given a pay package worth $84.3 million, making him one of the top earners in the tech industry.
The total pay package is largely made up of share awards, and most of the payments will be made over several years.
News of the package comes less than a month after Satya Nadella advised women not to ask for a pay rise but to have “faith in the system”.
He later apologized for the remark.
Microsoft CEO Satya Nadella has been given a pay package worth $84.3 million
In a regulatory filing, Microsoft said the promotion of Satya Nadella had meant it had a chief executive without a major equity stake in the firm for the first time.
Microsoft previous chief executives, Bill Gates and Steve Ballmer, both had multi-billion dollar holdings in the company.
“In approving the initial annual total compensation opportunity for Mr. Nadella, our board was mindful of both the fierce competition for talented executives in the technology sector and the demands on and responsibilities of the leader of a global organization with the scope and stature of Microsoft,” it said in the filing.
Excluding the long-term share awards, Stya Nadella’s pay package for this year totals $11.6 million.
Satya Nadella was named as chief executive in February, and is only the third chief executive in the company’s history.
McDonald’s and Coca-Cola have posted sharply lower profits for Q3 2014.
McDonald’s saw earnings fall 30%, while Coca-Cola’s fell 14%, with both citing lower US sales as key reasons.
The fast-food chain’s profits of $1.07 billion were also hit by a food scandal in China, contributing to a 4.6% fall in revenues to $6.99 billion.
Meanwhile, the world’s largest drinks group made a $2.1 billion profit on revenues that were broadly flat at $11.9 billion.
McDonald’s US sales have been under pressure as consumers switch to other chains, notably the fast-growing Chipotle Mexican Grill.
McDonald’s and Coca-Cola have posted sharply lower profits for Q3 2014
Sales also fell in Russia, Germany and especially in China, where McDonald’s was hurt by a scandal over meat supplies.
McDonald’s CEO Don Thompson admitted that the trading performance was not good enough: “McDonald’s third-quarter results reflect a significant decline versus a year ago.
“By all measures, our performance fell short of our expectations.”
Meanwhile, Coca Cola said that its US sales were down 1% during the quarter. Consumers are increasingly turning to alternatives to sweet, fizzy drinks. The company’s profits also suffered because of currency fluctuations and strengthening of the dollar.
In August, Coca-Cola spent $2.15 billion for a 16.7% stake in Monster Beverage energy drinks business.
As part of the deal, Coca-Cola transferred ownership of its own, less successful energy drinks, including brands NOS, Full Throttle and Burn, to Monster.
Total CEO Christophe de Margerie has died in an air crash in Moscow.
Christophe de Margerie’s corporate jet collided with a snow plough and then was engulfed in flames. All four people on board were killed.
The driver of the snow plough was drunk, according to Russian investigators.
Christophe de Margerie, 63, had been chief executive of Europe’s third largest oil company since 2007. He was highly regarded within the oil industry.
“France is losing an extraordinary business leader who turned Total into a world giant,” French PM Manuel Valls said in a statement.
“France is losing a great industry captain and a patriot.”
Russian President Vladimir Putin sent his condolences.
Christophe de Margerie had been chief executive of Europe’s third largest oil company since 2007 (photo Reuters)
News agency Tass quoted a Kremlin spokesman as saying: “The President highly appreciated de Mergerie’s business skills, his continued commitment to the development of not only bilateral Russian-French relations, but also on multi-faceted levels.”
Christophe de Margerie joined Total Group after graduating from the Ecole Superieure de Commerce in Paris in 1974.
At the company, where he had spent his entire career, he was nicknamed “Big Moustache”.
According to Russia’s Vedomosti newspaper, Christophe de Margerie had met Russian PM Dmitry Medvedev at his country residence outside Moscow to discuss foreign investment in Russia.
Total is an important player in the Russian energy market and Christophe de Margerie was a staunch defender of maintaining ties, despite Western sanctions against Moscow over its actions in Ukraine.
Total is one of the biggest foreign investors in Russia and is planning to double its output from the country by 2020.
Christophe de Margerie’s jet had been due to fly to Paris from Moscow’s Vnukovo International Airport.
Vnukovo, is located to the southwest of Moscow and is used by President Vladimir Putin and other government officials.
Russia’s emergencies ministry said in a statement the accident had involved a Falcon-50 plane shortly before midnight local time on October 20.
A new Lufthansa pilots strike has triggered the cancelation of 1,511 flights over October 20 and October 21.
The strike was initially aimed at mostly European flights, but will be expanded to international routes on October 21, hitting 200,000 passengers.
Lufthansa said that the strike, over changes to retirement and pensions terms, would hit profits and its image.
However, the Vereinigung Cockpit (VC) union said it wanted to send a clear message.
Last week, VC called out its members at Lufthansa’s budget airline, Germanwings, for a 12-hour stoppage.
The union, which represents about 5,400 Lufthansa pilots, is calling on the airline to reconsider its decision to raise the age that they can retire from 55.
Lufthansa pilots strike has triggered the cancelation of 1,511 flights
The company has offered to retain the scheme for existing members but not to extend it to new recruits.
VC said Lufthansa was “stonewalling” over talks. Union board member Markus Wahl said: “We are extending the strike in order to send a clearer signal. Perhaps now, Lufthansa will finally come round.”
Simone Menne, Lufthansa’s chief financial officer, said in a statement: “The strikes are not only causing significant financial damage but are also damaging our image, the consequences of which are significant and not yet clear.”
Lufthansa said it hoped to operate a third of its flights over the two days.
The Lufthansa strike follows a walk-out over the weekend by railway drivers.
The train drivers’ strike was over demands by the GDL for a 5% pay for 20,000 drivers and a shorter working week.
The head of the GDL union, Claus Weselsky, said there would be a week-long break before any further strikes.
The German Industry Federation business lobby condemned the strikes, saying they harmed “the entire economy” by affecting logistics, tourism and business travel.
Germany’s economy has been slowing recently. However, the Economy Ministry said although the strikes would certainly “impact some sectors of the economy”, there was no reason to change the 2014 growth forecast which was lowered this month to 1.2%.
Germany’s government is expected to produce a draft law later this year aimed at stopping small numbers of employees paralyzing large parts of the country’s infrastructure through strike action.
IBM is to pay $1.5 billion in cash to offload its loss-making chip manufacturing division to Abu Dhabi sovereign wealth fund GlobalFoundries.
IBM, which wanted to avoid the cost of upgrading the unit’s technology, said it would now focus on cloud computing, mobile and big data analytics.
The company will take a $4.7 billion charge in the third quarter as a result of the sale.
The sale came as IBM announced a 17% drop in third quarter profit.
IBM said it made $3.5 billion profit for the three months to the end of September, with revenues down 4% to $22.4 billion.
“We are disappointed in our performance,” chief executive Ginni Rometty said.
Ginni Rometty blamed a “marked slowdown” in client buying behavior for the drop in sales, which were lower than analysts had expected.
However, she said the results also reflected “the unprecedented pace of change in our industry.”
IBM is to pay $1.5 billion in cash to offload its loss-making chip manufacturing division to GlobalFoundries
IBM is trying to adapt to industry-wide changes and has been restructuring to focus on its software products.
The disposal of the unprofitable chip making business is the latest step by Ms Rometty to sharpen this focus.
IBM said the sale would enable it to “focus on fundamental semiconductor and material science research, development capabilities and commitment to delivering future semiconductor technologies”.
GlobalFoundries said it would offer jobs to all IBM employees affected.
IBM will spread the $1.5 billion payment to GlobalFoundries over the next three years.
Under the terms of the deal, GlobalFoundries will get intellectual property and technologies related to the chip business.
“IBM needs to find success and growth in the cloud through organic and acquisitive means in our opinion, otherwise there could be some darker days ahead for the tech giant,” said FBR Capital Markets analyst Daniel Ives.
Morgan Stanley has reported an 87% jump in profits to $1.65 billion in Q3 2014.
Trading of currencies, commodities and bonds was a big driver of profits, as was wealth management – advising high earners on their finances.
On October 16, rival bank Goldman Sachs reported a 50% rise in profits.
Banks’ bond trading activities have reportedly benefitted from problems at bond giant Pimco.
Morgan Stanley has reported an 87 percent jump in profits to $1.65 billion in Q3 2014
In September, trading superstar Bill Gross made a surprise exit from the world’s biggest bond company.
The departure of Bill Gross from Pimco reportedly prompted investors to withdraw billions of dollars from the company, money which has found its way to other trading businesses.
Morgan Stanley’s total revenue for the quarter rose 12% to $8.91 billion.
Bond trading revenues were up 19.4% to $997 million. Wealth management revenue rose 9% to $3.79 billion.
“We are well positioned to create superior returns for our shareholders, particularly as the US economy continues to strengthen,” Morgan Stanley’s chief executive and chairman James P. Gorman said in a statement.
Rolls-Royce Holdings has warned of falling revenues as trade sanctions against Russia begin to bite.
Customers of Rolls-Royce’s nuclear, energy and power systems businesses have delayed or cancelled orders, the company said in a trading update.
As a result, group underlying revenue for 2014 would be 3.5%-to-4% lower than expected, it said.
However, Rolls-Royce expected underlying profit to remain flat as cost savings counterbalanced the falling revenue.
“Since our interim results, the economic outlook for 2015 has become more challenging,” the company said, with many of its customers experiencing “worsening market conditions” affecting their investment decisions.
Rolls-Royce Holdings has warned of falling revenues as trade sanctions against Russia begin to bite
Guidance on revenues for its civil aerospace, defense aerospace, marine and power systems divisions, remained unchanged, the company said.
Nuclear and energy revenue guidance would fall from 0%-to-5%, down from 5%-to-10%.
However, Rolls-Royce expected underlying profit in its civil aerospace division to be higher than previously thought.
“While the short term is clearly challenging, reflecting the economic environment, the prospects for the group remain strong, driven by the growing global requirement for cleaner, better power,” said chief executive John Rishton.
Rolls-Royce’s share price fell 7.5% in early morning trading as the market reacted negatively to the revenue warning.
As a business owner, there may come a time in your professional career that you want to sell the business. This is extremely common, but most business owners feel lost when it comes to the idea and implementation of selling their business.
Like any other sale, you have a variety of options when it comes to selling your business, and the following information will give you insight into some of the most popular selling options for business owners.
Some homeowners opt to sell their homes themselves, and you can do the same with your business. Selling your business by yourself eliminates the fees you’ll spend on a real estate broker, which can often result in more money in your pocket after the sale is finalized. If you’re going to sell your business on your own, it’s a good idea to do some research on how to sell by owner. There are certain real estate laws and procedures you’ll want to familiarize yourself with to ensure you’re making a smart decision and not breaking any laws or making poor decisions.
Real Estate Agent
If selling your business on your own seems too difficult or stressful, you can always opt to use a commercial real estate agent. These individuals are experienced in selling businesses, and they’ll be able to advise you on the best possible moves to help sell your business. For example, if you want to sell a dental practice that needs some upgrades, your real estate agent will be able to explain why you should invest in the upgrades, or what you can expect to get if you don’t invest in the upgrades. Your real estate agent will also work tirelessly to advertise your business and make a quick sale. After all, they earn their money based on the sale of your business, so if it doesn’t sell, they don’t get paid.
The Internet is a powerful tool, and it can be just the thing to help you sell your business. Whether you’re selling the business on your own or using a real estate agent, you can advertise the sale of your business online. You can use general resale websites, such as Craigslist, to advertise the sale of your business, and you can even add it to the classifieds section of your local news outlet websites.
Other websites are specifically dedicated to selling businesses. For example, you should consider looking at websites like BusinessMart.com and BusinessBroker.com. These websites carry business listings from across the globe, and they’re aimed at providing valuable information to potential business buyers.
Sometimes you can get lucky and already have an interested buyer in mind. If you’re in this situation, you’ll go through a closed sale. With this option, you don’t advertise your business as being for sale. Instead, you and the intended buyer create a contract and go through the process behind closed doors that eventually results in them receiving ownership of your business. Closed business sales are usually done when an investment company is interested in taking over, or if another member of the business (or even a member of your family) wants to buy it from you. If you are opting for a closed sale, be sure to have a good business lawyer on hand to ensure your needs are being met throughout the sale.
Being a business owner can be extremely rewarding, and it’s something that many people would like to accomplish at some point in their life. Some potential business owners want to do it for the freedom of being their own boss; others want to do it for the money; and some just want to do it to achieve a career goal.
No matter the reason you want to own a business, there are certain things you first need to know before buying a business.
Determine what type of business you want to own.
Some people want to desperately own a business that they jump right in and purchase the first one they see. This is not a good idea. In order to own a business and run it successfully, it’s important to consider buying a business that you have experience in. For example, if you have worked in the dental industry, then you’d be much more successful buying a dental practice than you would buying a restaurant, as you already know the ins and outs of what makes a dental practice successful. Do your research and determine the types of businesses that would make the most sense for you.
Find a business to buy.
Once you decide which type of business you want to buy, you then need to find a business that’s for sale. You can turn to newspaper advertisements, real estate agents, and even websites dedicated to selling businesses, such as BusinessBroker.com.
Another avenue to take would be to ask friends, family members and coworkers about businesses that they may know that are for sale. Sometimes business owners don’t want to hassle with the media or turn the selling of their business into a long process, so they try to sell the business quietly to avoid all the hassle.
Look into the business’s history and finances.
The last thing you want to do as a new business owner is to invest in a company that isn’t financially successful or stable. This is why it’s extremely important to look into the business’s history and finances. Hire a business auditor to valuate the business for you so that you know if the asking price is in line with the value of the company. Look into the finances of the company to see how the profits and losses have aligned throughout the years. Is the company constantly seeing a profit, or is it often struggling to make ends meet? If there are major financial issues, it may be best for you to walk away.
Make sure this is the right decision for you.
Before you sign any papers that make you the owner of a business, make sure this is the right decision for you. Being a business owner is not an easy task, and it will require you to put in lot of hard work. If you’re looking to just sit back and get paid for doing nothing, owning a business is not the best option.
Not only will you need to put in long hours to transition the company to the new ownership, but you’ll also have to keep putting money into the business to keep it updated and up to any codes. If you have any hesitation about owning a business, consider holding off on the purchase until you know for sure it’s exactly what you want to do.
Goldman Sachs has reported a 50% jump in profit in Q3 2014 after a sudden jolt in bond market activity helped boost revenues.
The investment bank reported net income rose to $2.14 billion in the three months to the end of September.
That compared with $1.43 billion for the same period a year earlier.
Revenue from bond-trading leapt 74% to $2.17 billion, as Goldman benefited from the surprise exit of bond market supremo, Bill Gross, from Pimco.
The departure of Bill Gross from Pimco, the world’s largest bond fund, prompted investors to withdraw $23.5 billion from the company.
Goldman Sachs has reported a 50 percent jump in profit in Q3 2014 after a sudden jolt in bond market activity helped boost revenues
Strong US economic data in September and stimulus measures introduced by the European Central Bank (ECB), also helped jolt what had been a lacklustre bond market into life last month.
Total net revenue at the bank rose 25% to $8.39 billion.
“The combination of improving economic conditions in the US and a strong global franchise continued to drive client activity across our diverse set of businesses,” Goldman’s chairman and chief executive Lloyd Blankfein said in a statement.
Goldman Sachs has also been a big beneficiary of rising stock markets this year, helped by its advisory work on large deals including the $25 billion initial public offering of Chinese tech firm Alibaba on the US stock market.
Revenue from investment management, a business Goldman has been trying to build up, rose 20% to $1.46 billion.
European markets continue to tumble on October 16 amid fears of a global economic slowdown and the impact of the Ebola crisis.
The main stock markets in Germany, the UK and France fell more than 2%, tracking a sell-off in Asia and on Wall Street.
On October 15, London’s FTSE 100 saw its heaviest one-day fall in 16 months.
Borrowing costs for Greece and Italy rose, and investors looking for a safe haven pushed the gold price higher.
Analysts said that a raft of disappointing economic and corporate news had unnerved investors.
Recent poor data from China, Germany and the US have heightened worries that global economic recovery could go into reverse.
European markets continue to tumble on amid fears of a global economic slowdown and the impact of the Ebola crisis
Meanwhile concerns about the spread of Ebola and its impact on emerging markets have added to the worries. Companies linked to travel and tourism have seen their share prices fall in the past couple of weeks, offsetting hopes that the recent fall in the oil price would lower their long-term fuel costs.
The price of US crude has gone below $80 a barrel for the first time since June 2012, pulling down oil-related shares such as BP and Tullow.
Financial shares were among some of the biggest fallers across Europe. Royal Bank of Scotland was down another 3.6% after falling heavily on October 15.
Meanwhile, in France, Societe Generale and BNP Paribas fell 5% and 4% respectively amid worries about their exposure to a slowdown in southern European economies.
Greece’s borrowing costs rose on Thursday on fears about the country’s exit from the bailout it received during the financial crisis.
The yield on Greek 10-year bonds rose 85.2 basis points to 8.72% – its highest since January. Investors are worried that the country could struggle to borrow money once it is weaned off bailout money.
In Spain, Madrid’s benchmark IBEX 35 index fell 4.28% after a bond issue failed to raise as much as the government hoped.
Meanwhile, gold traded at a one-month high, while the price of copper and some other metals fell to multi-month lows amid concern that demand would fall because of an economic slowdown.
Asian markets opened lower on October 16 after Wall Street tumbled on US economic data, fuelling growth concerns.
Data from the US showed retail sales and producer prices both fell in September, dimming expectations of an interest rate hike by the central bank.
The S&P 500 fell as much as 3%, briefly turning negative for the year before closing down 0.8%.
Japan’s shares fell more than 2% to a four-and-a-half-month low.
In early trading the Nikkei 225 was at 14,751.77. The dollar was at 105.92 yen, flat from New York trade.
Asian markets opened lower after Wall Street tumbled on US economic data
Among the losers were shares of Toyota, down over 2% after the automaker issued a recall of 1.75 million vehicles on Wednesday.
Hong Kong shares opened down almost 1% as the Hang Seng Index fell 226.55 points to 22,913.50.
On the mainland, the Shanghai Composite fell 0.5% to 2,451.65 points after data showed that the rate of inflation in September fell, adding to evidence of a slowing economy.
In Australia, the benchmark S&P/ASX 200 was lower 1% at 5,194.80 points.
Shares of Woodside Petroleum, Australia’s largest independent oil and gas producer, were lower 0.1% despite its third quarter production results beating forecasts.
In South Korea, shares followed the global downtrend.
The benchmark Kospi was down 0.7% after the Bank of Korea cut its interest rate for the second time in three months on October 15, and also downgraded its growth forecasts for the economy for this year.