Business & Economy

Moody’s Cuts Rating on 12 UK Financial Institutions

Antonia van de Velde CNBC 08.10.2011
Moody’s Cuts Rating on 12 UK Financial Institutions

Moody’s ratings agency lowered the rating of 12 U.K. financial institutions on Friday, saying it sees a decreased likelihood of government support for smaller institutions in particular but specifying the move does not reflect a deterioration in t...

World facing worst financial crisis in history, Bank of England Governor says

The world is facing the worst financial crisis since at least the 1930s “if not ever”, the Governor of the Bank of England said last night.


Venezuela's Chavez eyes new oil cartel

Venezuelan President Hugo Chavez proposed creating a new oil exporters group parallel to OPEC that would include only the "giants" of global petroleum producers.

White House voices concern on China currency bill

Paul Eckert and Alister Bull Yahoo! News Canada 06.10.2011
White House voices concern on China currency bill

The prospects for U.S. legislation designed to get China to revalue its currency appeared to dim on Wednesday when the White House voiced concern it could violate international trade rules.


US's Geithner warns Europe crisis a global threat

Europe needs to step up efforts to control its debt crisis before it pulls the United States and the rest of world into a renewed downturn, Treasury Secretary Timothy Geithner urged on Wednesday.

Microsoft considers bidding for Yahoo

Peter Lauria and Nadia Damouni Yahoo! News Canada 06.10.2011
Microsoft considers bidding for Yahoo

Microsoft Corp is considering a bid for Yahoo Inc, resurfacing as a potential buyer after a bitter and unsuccessful fight to take over the Internet company in 2008, sources close to the situation said on Wednesday.


Citi Fined $770000 for Hong Kong Employee's Ponzi Scheme

Kelvin Soh, Vinu Pilakkott Fox Business 05.10.2011
Citi Fined $770000 for Hong Kong Employee's Ponzi Scheme

Hong Kong's securities regulator has fined Citigroup <C.N> HK$6 million ($770,000) for failing to report a Ponzi scheme involving one of its former employees.

Moody's drops Italy credit rating by three points

Dominic Rushe The Guardian 05.10.2011
Moody's drops Italy credit rating by three points

Italy's sovereign debt rating has been cut for the second time in as many weeks, with ratings agency Moody's citing "sustained and non-cyclical erosion of confidence" as it slashed its forecast for the country.


China warns of trade war if U.S. bill passes

David Stanway and Aileen Wang Reuters 05.10.2011
China warns of trade war if U.S. bill passes

An angry China warned Washington on Tuesday that passage of a bill aimed at forcing Beijing to let its currency rise could lead to a trade war between the world's top two economies.

Greece Falls Into 'Death Spiral': Rising Debt, No Growth

Drowning in red ink, Greece has nowhere to turn to revive the economic growth that might put its debt on a sustainable trajectory, reassure angry foreign creditors and offer hope to its recession-weary citizens.


Afghan yuppies get rich on ten years of war

Business is booming, I have made good profits since the Taliban were ousted," said a smiling Sayed Habib as he showed Western dresses to young women in one of Kabul's glitziest shopping malls.

Sarkozy, Merkel to Meet as Europe Weighs Greece

Helene Fouquet Bloomberg.com 01.10.2011
Sarkozy, Merkel to Meet as Europe Weighs Greece

French President Nicolas Sarkozy said he’ll meet German Chancellor Angela Merkel in coming days as European officials begin debating a new round in their effort to prevent a Greek default.


Trump casino offers $25K plastic surgery prize

The latest casino promotion in Atlantic City gives new meaning to "going bust." The Trump Taj Mahal Casino Resort plans to give $25,000 worth of plastic surgery to a winner from a player's card contest. The lucky one can mix and match surgeries in...

Debt Inspectors Back in Greece, Protests Swell

As international debt inspectors returned to Greece on Thursday, the government promised to fast-track deeper public-sector pay cuts and protesting civil servants occupied the Finance Ministry and other government buildings.


U.S. Decries Salaries, Staffing in New UN Budget

Bill Varner and Flavia Krause-Jackson Bloomberg.com 30.09.2011
U.S. Decries Salaries, Staffing in New UN Budget

The Obama administration told the United Nations that too few of its 10,307 workers are being cut and average salaries, currently $119,000 a year, have risen “dramatically.”

Hundreds sell their own burial plots to make some quick cash

Sellers are posting online, using burial plot brokers, and also funeral homes to market the real estate. Some of those advertisements show single plots starting at about $1,000, while family plots can go for up to $50,000.


Christine Lagarde: IMF may need billions in extra funding

Louise Armitstead and Jonathan Russell Telegraph 26.09.2011
Christine Lagarde: IMF may need billions in extra funding

Christine Lagarde has signalled that the International Monetary Fund (IMF) may have to tap its members – including Britain – for billions of pounds of extra funding to stem the European debt crisis.

Greek default would destroy faith in Europe: Merkel

Allowing Greece to default on its debt now would destroy investor confidence in the euro zone and might spark contagion like that experienced after the bankruptcy of Lehman Brothers in 2008, German Chancellor Angela Merkel said on Sunday.


Employer Refuses To Hire Smokers, Cites Rising Care Costs

Currently there are some 14 million jobless Americans. And if you’re one of the thousands of North Texans looking for work, the competition is tough. Now, a new hiring limitation by one employer could make the job search even harder.

Six weeks to save the euro: George Osborne's warning after another day of financial turmoil

World leaders were warned last night that they have just six weeks to save the euro from collapse. On another day of gathering economic gloom, George Osborne savaged eurozone leaders for failing to get a grip on their towering debts.



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