Greece's government this week approved the austerity package needed to unlock vital aid from the IMF and EU amid violent protests in Athens. But the governing coalition looks fragile and it still has to vote on the 2013 budget before Greece's lenders will release more bailout funding.
A worsening outlook for Greece persists. Far from falling, the country's debt level is now expected to go over 190 per cent of GDP in 2014. Official sector creditors may refuse to restructure their debts, but will need to extend Greece's bond repayment plan and lower interest payments, Gabriel Sterne, economist at Exotix explains to capital markets correspondent Robin Wigglesworth
The latest spanner in the works of the Spanish sovereign debt crisis is Catalonia's plan to hold a secession referendum. Myles Bradshaw, portfolio manager at Pimco, expects a compromise along a rocky road.
Standard Chartered (Photo: Reuters) Standard Chartered could be close to settling with the US Treasury after the regulator's lawyers recommended a preliminary settlement with the bank, following an investigation into whether it had broken US sanction laws by dealing with Iran. According to three unnamed sources cited by the New York Times, US Treasury lawyers "approved a potential prepayment amount this week," which is tipped to be a lot less than the $340m civil penalty Standard Chartered paid to the New York State Department of Financial Services (DFS).
Top After-Market Nasdaq Movers (SciClone, Infinera, Sanmina-SCI, Achillion, Glu Mobile, Ericsson, NXP, NetSpend, KIT digital, Air Methods)
The top after-market Nasdaq gainers Wednesday were SciClone Pharmaceuticals Inc, Infinera Corporation, Sanmina-SCI Corporation, Achillion Pharmaceuticals Inc and Glu Mobile. The top after-market Nasdaq losers were Ericsson, NXP Semiconductors N.V., NetSpend Holdings Inc, KIT digital Inc and Air Methods Corporation. Gainers SciClone Pharmaceuticals Inc (SCLN) shares climbed 4.25 percent to $4.95 in post-market trading
A catalogue of calamities has befallen the City of London from the rigging of interest rates to alleged aiding of money laundering. Andrew Hill, FT associate editor, and Martin Arnold, deputy companies editor, discuss with Comment and Analysis Editor Frederick Studemann how the City can defend its reputation.
The Eurozone has a new plan for aiding Spain. Spain has a new austerity plan
Finland-based cell phone manufacturer Nokia Thursday announced that it plans to cut 10,000 jobs globally as part of its revamping measures. The company announced that it would shut down production and research sites in Finland, Germany and Canada. In addition, it announced changes in its leadership team with executive vice-president and chief marketing officer Jerri DeVard, executive vice-president of mobile phones Mary McDowell and executive vice-president of markets Niklas Savander leaving the company.
Credit rating agency Moody's Investor Service downgraded Spain's government bond rating three notches down to Baa3 from A3 on Wednesday. Moody's attributed the downgrade to the further rise in the country's debt due to the recently approved EU aid for Spanish banks
Wal-Mart lawyers have identified India , China , South Africa , Brazil and Mexico as the most corrupt countries, according to a letter from two congressmen investigating the bribery charges leveled against the company. The lawyers, retained to review Wal-Mart anti-corruption compliance globally, said these were the regions with the highest risk of corruption