World Fwire News - Page 4
ABN Amro to target eurozone assets
ABN Amro, has promised to be a buyer of euro zone financial assets that capital-stretched banks are preparing to sell.
EU debt crisis, US slowdown impacting India: Pranab
The finance minister said the government doesn't have an elbow room for economic stimulus as it committed towards fiscal consolidation.
Franco-German split over bailout fund threatens crisis plan
France and Germany disagree over the best way to bolster the facility, with Paris fearing its triple-A credit rating could come under threat if the wrong method is chosen.
First tranche of new Greek bailout to be paid by 20 March
The first tranche of the new, 130 billion euro bailout for Greece from the euro zone and the International Monetary Fund must be paid out by March 20 at the latest, the chairman of euro zone finance ministers Jean-Claude Juncker said.
Eurozone talks stuck on bailout fund: Sarkozy
Adding to uncertainty, the Financial Times reported that plans to strengthen the banking system would fall short of market expectations.The latest official estimates have put the banks capital shortfall at less than 100 billion euros compared with a recent IMF report putting the funding hole and 200 billion euros.
Moody's downgrades Spain by two notches on funding risks
Worsening growth prospects for the euro zone will also make it more challenging for Spain to reach its ambitious fiscal targets, the ratings agency added. Spain could be downgraded again if the euro zone debt crisis escalates further, Moody's warned.
Groupon planning IPO launch for next week, say sources
The IPO is expected to value the Chicago-based company at over $10 billion, likely in the range of $11 billion to $12 billion
Boeing expects more cancellations for Dreamliners but still upbeat
A day after news of China Eastern's cancellations, a Boeing executive said some orders would fall through as it adjusted delivery dates and that the pace of production of the fuel-efficient aircraft would pick up.
India wants IMF to look for alternatives to augment resources
The International Monetary Fund (IMF) must look for alternatives to augment its resources for combating the sovereign debt problems of the European nations, without derailing the agreed quota reforms, says India's Finance Minister Pranab Mukherjee.
Eurozone, US problems hurting emerging economies: Pranab
Sovereign debt problems in Eurozone and slow recovery in the US are taking toll on the emerging economies, but the Indian economy may still clock over 8 per cent growth, Finance Minister Pranab Mukherjee said today.
US should learn from India, Brazil: Clinton
Clinton's speech, billed as a major address, sought to outline the Obama administration's increasing focus on economic issues as the United States heads into the 2012 election season hobbled by huge budget deficits and stubbornly high unemployment.
Obama, eyeing China, to boost export financing
Obama is set to unveil the trade assistance plan on a visit to Boeing - one of the top American exporters - as China's leader-in-waiting Xi Jinping wraps up a US visit that has stoked trade tensions ahead of November's White House vote.<br /><br /> <br /><br />
US factory output jumps 0.7 percent in January
US factories boosted output last month and December ended up being their best month of growth in five years.
Indian IT cos in US pay taxes worth $15bn: Mathai
NASSCOM estimates that Indian industry employs over 100,000 in the US.
Youth concerned over jobs, education: UN report
Young people around the world are deeply concerned about the lack of job opportunities and are calling for an increased investment in this sector, a UN report said today.
European crisis to slow world economy: IMF
Steep budget cuts will slow growth further and undermine market confidence, the IMF said.
Afghan opium earnings now one tenth of GDP
A U.N. report says earnings from opium production in Afghanistan increased by 133 percent last year to about $1.4 billion, about one-tenth of the country's GDP.
Xbox workers in China threaten suicide over compensation
Dozens of workers assembling Xbox video game consoles threatened to commit suicide by leaping from a factory dormitory in a dispute over compensation that was defused but highlights growing labour unrest as China's economy slows.
Nike to pay Indonesian workers $1 mn for overtime
Sports equipment maker Nike Inc has agreed to give workers in Indonesia $1 million in unpaid overtime, employee representatives said Thursday.
Senators want Obama to step up bilateral trade with India
Ten American Senators have urged US President Barack Obama to expedite on going negotiations on a bilateral investment treaty with India, noting its potential to produce tremendous benefits to companies from both the countries.
India for automatic sharing of banking data to curb black money
Taking the fight against black money to global level, India will impress upon the G-20 nations to persuade tax havens to do away with their secrecy laws and adopt mechanism for automatic sharing of taxation and banking data.
S&P downgrades Dexia by one notch on lack of funds
The board of Dexia, whose shares are suspended, will meet in Paris on Saturday to vote on a break-up plan after Belgium and France pledged to guarantee its financing in the face of a share-price slide.
Moody's downgrades nine Portuguese banks on asset risk
he key driver for the downgrades of most banks' debt and deposit ratings is Moody's assessment of the deterioration of their unsupported financial strength, said the ratings agency
UBS Q3 credit gains to cancel out trading loss
wiss bank UBS AG said it expects to report a modest third-quarter net profit, easing concerns about the impact of the $2.3 billion rogue trading loss uncovered last month as the bank chalks up gains on credit derivatives.
Here comes the hard part: Greek workers on purge list
The plan creates a "labour reserve" allowing state workers to be placed on partial pay and be dismissed after a year.<br /><br /> <br /><br />
Greece to start laying off state workers under new EU deal
The plan to lay off state workers -- who make up a fifth of the Greek workforce -- is extremely contentious, as they are guaranteed jobs for life under a constitution that bans firing government employees in virtually all circumstances.
China's Wenzhou faces credit crunch as tycoons flee
While China's leaders are still struggling with a flood of credit unleashed to ward off the shockwaves from the 2008 financial crisis, some areas are seeing what many here have dubbed a "drought" of funding.
India, Pakistan banks may open cross-border branches
Commerce and industry Minister Anand Sharma said that the RBI and the State Bank of Pakistan have discussed this matter and will take the next step.
'World is close to another Lehman-type moment'
The response of the markets to the glaring lack of global leadership and political will to deal with the crisis in a coherent way is indicative of how perilously close we are to another "Lehman-type" moment, but without the ammunition of 2008, said Marcus.
Euro, S&P futures firm on G20; Asian stocks weak
<br /><br /> Alarm about the risk of another economic downturn, after the US Federal Reserve's dire forecast at its two-day policy meeting which finished on Wednesday, pushed world stocks to 13-month lows as investors shed risky assets from portfolios and scurried to safer havens.