World Fwire News - Page 5
G20 pledges support to banks,short on specific measures
Finance chiefs have gathered in the US capital ahead of the semi-annual meetings of the International Monetary Fund and World Bank.
Wall st weak ahead: Bernanke, Europe hold key to aiding rally
Investors expect the Federal Reserve to take steps to pull down long-term interest rates when policymakers meet on Tuesday and Wednesday to help revive the persistently weak US economy.
Averting another Great Depression has come with a price, says Deutsche's Jain
Deutsche Bank's joint CEO Anshu Jain believe we are now in the second phase of the crisis - as the pressure moves from the private to the public sector.
Sarkozy, Merkel reject calls for orderly insolvency of Greece
The leaders, who held a telephone conference with Greek Prime Minister Georges Papandreou on last evening, said they were convinced that Greece's future is in the euro zone.
Moody's downgrades Credit Agricole, SocGen ratings
The outlook on the long-term debt ratings was negative. Moody's anticipated that the impact of its review on the Bank Financial Strength Rating (BFSR) would be limited to a one-notch downgrade.
Exit from eurozone will unleash domino effects: Merkel
Merkel's comments come a day after Economy Minister Philipp Roesler, who leads the junior coalition party the Free Democrats in her government, said that to stabilise the euro there could "no longer be any taboos".
Italy asks China to buy its debt: report
Italian officials told FT that Lou Jiwei, chairman of China Investment Corp, headed up a delegation to Rome last week to meet with Giulio Tremonti, finance minister, and Italy's Cassa Depositi e Prestiti.
Obama faces tough slog to sell pivotal jobs plan
Seeking to rescue the troubled US economy and his own prospects for re-election, Obama embarked on an uphill battle on Friday to win Republican support for a make-or-break $447 billion jobs plan.
Bidders queue up for MF Global's LME stake
Selling the stake would also be boost for creditors of the futures brokerage, which filed for bankruptcy protection last month
NY Fed suspends MF Global from conducting new business
MF Global, run by former Goldman Sachs Chief Executive Jon Corzine, has been struggling over the past week in which it posted a quarterly loss, its shares fell by two-thirds and its credit ratings were cut to junk.
Whirlpool slashes profit forecast, cuts over 5,000 jobs
Whirlpool Corp, the world's largest appliance maker, slashed its full-year profit forecast and said it would cut about 10 percent of its workforce in North America and Europe.
After an apology, Wal-Mart's woes end in China
After an apology and a pledge to set things straight through staff training and more contact with shoppers, Wal-Mart's stores reopened on Tuesday after a two-week closure.
Rajat Gupta surrendered on Diwali thinking "gods will protect him"
"He (Rajat Gupta) believed it was auspicious to surrender on Diwali," the Wall Street Journal quoted 62-year-old Gupta's childhood friend Anand Julka as saying.
Olympus denies wrongdoing in M&A deal
Japan's Olympus Corp repeated that the acquisitions were strategic and involved no wrongdoing, explaining about the deals that have come under fire since the firm axed its British CEO in a bitter boardroom battle.
Canon Inc posts quarterly profit, floods to affect year-end sales
Canon Inc posted a 17 percent quarterly operating profit rise on solid demand for office equipment and single-lens reflex cameras, but cut its outlook below expectations, citing the impact of the Thai floods and a strong yen.
Singapore's the world's easiest place to business: WB
The ninth annual World Bank report tracks regulatory changes in 183 countries for businesses throughout their life cycle - from ease of business start-ups and getting credit to protecting investors and dealing with insolvency.
Bank of America swings into profit in third quarter
Bank of America said today it swung back into profit in the third quarter, following a series of losses, as it sold off non-core assets and built up its balance sheet.
French court deems L'Oreal heiress unfit to run affairs
Bettencourt-Meyers has argued that her mother is mentally unfit to manage the vast fortune she inherited when her father and L'Oreal founder Eugene Schueller died in 1957.
Ex-fund tycoon Raj Rajaratnam set to hear sentence today
Rajaratnam, 54, whose Galleon Group managed $7 billion at its peak, could face almost 25 years in prison.
Belgian workers keep ArcelorMittal executives locked for second day
The union wants the company, which employs 3,000 people in<br /><br /> Liege, to restart activity at two blast furnaces and keep 300 interim workers employed.
Ford to add 7,000 jobs in US over two years
Ford, the second-largest US car maker, would not be slowing its expansion in Asia, despite slower economic growth in China and India.
Reebok will shell out $25 mn for unsupported claims over 'toning shoe'
Reebok International Ltd has agreed to pay $25 million to settle charges that it made unsupported claims that its "toning shoes" provide extra muscle strength, the US Federal Trade Commission said on Wednesday.
Rate of H1B visa rejection increasing: India tells US
Underscoring the importance of free movement of professionals, Sharma also asked for early signing of the India-US Totalisation Agreement, under which an expatriate in either country need not contribute to social security schemes of the host country.
BNP mum on Qatar, says extra funds not required
A Qatar-based source said late on Wednesday that the resource-rich emirate had talked to BNP and banks across France over taking a possible stake given their "tremendous need" for capital.
News Corp buys back more than $1 bn shares
The buyback during the current quarter, which ends Sept 30 is already the largest in News Corp's history.
Bank of America to pay fired whistleblower $930,000
<br /><br /> The employee, whose name was not given, led internal investigations that found widespread fraud involving Countrywide employees.
Hiring outlook in India falls steeply on US slowdown
The global staffing services company said the fourth-quarter hiring outlook is lower in 21 of 39 countries and territories, including the United States. Prospects are stronger in 13 economies and unchanged in five others versus the third-quarter.
Bank of America mulls 40,000 job cuts: WSJ
The number of job cuts are not final and could change. The restructuring aims to reduce the bank's workforce over a period of years.
Sushma Swaraj discusses UN Security Council reforms with counterparts
Sushma Swaraj raised the issue of early reform of the UN Security Council during her meetings with counterparts from China and the IBSA and G4 blocs.
Australian PM Tony Abbott to visit India next week
Australian Prime Minister Tony Abbott is all set to make his first official visit to India next week to further strengthen the strategic partnership and promote trade and investment between the two sides.