Markets open higher on bleak Greek hopes
Stocks across the board rose in early trading Tuesday as markets remained hopeful that discussions between German chancellor Angela Merkel and Greek prime minister George Papandreou will resolve Greece’s bailout and avert default. In Europe the FTSE 100 index climbed 2.28 percent to 5,205.38, the Stoxx Europe increased by 2.31 percent to 225.37, the German […]
Markets cautious ahead of Fed meeting
European stocks remain fairly steady while Asian markets traded higher on Wednesday ahead of a Federal Reserve policy meeting. Europe recuperated the ground it lost on Tuesday following an Italian credit rating downgrade after news emerged that Greece is “making good progress” in reaching a deal regarding the next tranche of €8bn as part of […]
Markets volatile amid Italian downgrade
The euro decreased sharply on Tuesday against the dollar to $1.3599 following Italy’s debt rating cut by Standard & Poor’s late on Monday. S&P cut Italy’s credit rating by one notch to A from A+ with a negative outlook. The downgrade by the ratings agency comes amid worries that a “fragile governing coalition” and “weakening […]
Credit Suisse in tax deal with German prosecutors
Credit Suisse said on Monday it has agreed an out of court settlement of €150m with the Public Prosecutor’s Office in Germany to end an investigation into its employees concerning tax evasion. The payment will be taken as a charge in the 3Q11. Switzerland’s second largest bank said in a statement: “The entire proceedings are […]
RIM profits collapse; India controls inflation
Canadian BlackBerry maker, Research in Motion, saw its share plummet almost 20 percent Friday after it announced it had missed its earnings target for the third consecutive quarter. Profits decreased sharply by 47 percent for 2Q11 to $497m from $797m year-on-year, while revenue dropped by ten percent to $4.17bn in the three months to August […]
Moody’s cuts SocGen and Credit Agricole
France’s second and third largest banks by assets – Credit Agricole and Société Générale – on Wednesday saw their credit ratings downgraded one notch by Moody’s Investors Service. Moody’s slashed Credit Agricole to Aa2 from Aa1 while Société Générale was reduced to Aa3 from Aa2 with a negative outlook for long-term debt and deposit ratings. […]
BNP Paribas drags European shares down
Shares in BNP Paribas on Tuesday plummeted nine percent to €23.63 after a drop of 12 percent in an earlier session. The decrease followed allegations that the lender could be facing a possible credit rating downgrade. Several French banks remain under pressure by markets amid worries over Greek debt exposure. Stocks had opened higher in […]
UK banks hit with reforms
The Independent Commission on Banking published its final report on Monday proposing that Britain’s banks need to “ring-fence” by disconnecting their retail operations from the riskier investment banking arms. Banks were given until 2019 to implement the radical reforms, and could cost between £4bn and £7bn according to the report. ICB’s chairman, John Vickers, said: […]
Obama to speak out; Republicans rage
Markets remained stable on Thursday as investors await President Obama’s speech on job proposals detailing plans of boosting employment before a joint session of Congress. President Obama is said to put forward a jobs package of an estimated $300bn amid US voter frustration over the country’s 9.1 percent unemployment. The plan will outline measures to […]
Saab files for bankruptcy protection
Swedish car manufacturer Saab on Wednesday filed for bankruptcy protection from creditors amid mounting debt and production stoppages in a last minute attempt to save the brand. The filing at the Swedish court includes its subsidiaries Saab Powertrain and Saab Tools but excludes overseas subsidiaries and Saab Parts. The car maker signed a financing agreement […]
