Hold onto your hats. Grab your wallet. All over the world, central planners are getting together.
It's been a rather confusing day for the Spanish government, it seems. Just as the Spanish prime minister, Mariano Rajoy, started holding out the begging bowl and asked the rest of Europe to help recapitalise its banks, Spain's economic minister Luis de Guindos came out, only a couple of hours later, saying that Spain was not seeking a bailout at all. "I have absolutely not discussed any intervention in Spain's banks today," de Guindos told reporters in Brussels. Despite his attempt at calming down the markets, speculation over how damaged the Spanish economy and its ailing bank sector is has rippled through the rest of the eurozone.
The total value of UK mergers and acquisitions abroad fell drastically by 94 percent in the first quarter (Reuters) UK company mergers and acquisitions has stalled and lucrative M&A activity abroad frozen as the recession bites down on British business and increased uncertainty surrounds the crisis-mired eurozone. The total value of inward, outward, and domestic acquisitions all dropped in the first three months of the year, with expenditure by UK companies on acquisitions abroad hitting its lowest level since records began in 1987, according to the latest official data.
Credit rating agency Moody's has downgraded seven German banks and their subsidiaries including the Commerzbank AG, Germany 's second-largest bank. Moody's also cut the rating of three Austrian banks citing European debt crisis as the reason. The rate cut was the outcome of the review initiated on 15 February and was part of its latest review of 114 European banks
Australia has reported a GDP growth of 1.3 percent in the first three months of the year from the previous three months, beating analysts' expectations of 0.5 percent for the same period. The Australia n economy grew at a rate of 4.3 percent compared to the same period in 2011.
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In spite of a stagnant U.S. job market, the services sector offers more promise than manufacturing, at least for now
German Chancellor Angela Merkel appears to have altered dramatically her long-held opposition to euro zone nations sharing responsibility for the debts of the monetary union's most troubled banks. Specifically, Merkel hinted Monday that she would be amenable to supporting a "bad bank" bailout structure, in which the most toxic part of bank balance sheets would be pooled, bought by the European Central Bank (ECB) or some other international institution, and wound down over a 25-year horizon. The hint of a change in Merkel's position is key because Germany , the euro zone's No
The euro zone avoided recession with zero growth in the first quarter, but it seems to have run out of luck. Recent data out of the single currency bloc has led economists to conclude with confidence that a recession is imminent and the European Central Bank may not act Wednesday.