- S&P cuts ratings on five Spanish banks Reuters - Fri 25 May, 2012
NEW YORK (Reuters) - Ratings agency Standard & Poor's cut the ratings on five Spanish banks on Friday, another blow to the country's ailing banking sector as the nation's deteriorating finances rattle global investors. But S&P left unchanged its ratings on the country's two biggest banks, Santander and Banco Bilbao Vizcaya …
- GLOBAL MARKETS WEEKAHEAD - Summer of discontent beckons Richard Hubbard - Reuters - Fri 25 May, 2012
LONDON (Reuters) - The late spring warmth spreading across Europe and the United States is unlikely to soothe a growing anxiety in financial markets that the global outlook is anything but balmy. An escalating euro zone crisis and weak data from China and Europe have turned investment flows ever more firmly toward safe-haven …
- China's new privatisation plan faces push-back risk Kevin Yao - Reuters - Fri 25 May, 2012
BEIJING (Reuters) - China's new push to open state controlled industries may look bold after a decade of stuttering privatisation progress, but Beijing faces stiff resistance from vested interests in its effort to extend its World Trade Organisation dividend. Beijing's leaders, its top think-tanks, the World Bank and private …
- Eurozone governments ponder Greek exit contingency Giuseppe Fonte and Eero Vassinen - Reuters - Thu 24 May, 2012
ROME/HELSINKI (Reuters) - At least half of euro zone governments as well as banks and large companies are making contingency plans in case Greece decides to leave the single currency area, even though the preferred option is still for Athens to keep the euro. Italy's Deputy Economy Minister Vittorio Grilli said his country …
- Greece gives goose bumps Our Bureau - www.telegraphindia.com - Thu 24 May, 2012
Earlier today, Asian stocks ended lower ahead of the meeting of the European leaders. Key benchmark indices in Singapore, Japan, China, Taiwan, South Korea and Hong Kong finished lower up to 2 per cent. European stocks were also trading lower in their early trade. Key indices in France, Germany and London were down between …
- China factory data signals weak first-half growth Lucy Hornby - Reuters - Thu 24 May, 2012
BEIJING (Reuters) - China's factories faltered in May as export orders fell to two month lows, a private sector survey showed on Thursday, suggesting surprise weakness in April's hard economic data persists even as policymakers seek to shore up growth. The HSBC Flash Purchasing Managers Index, the earliest indicator of …
- New euro bailout fund may not have enough staff Matthias Sobolewski - Reuters - Wed 23 May, 2012
BERLIN (Reuters) - An external consulting firm charged with evaluating the structure of Europe's new permanent rescue facility has raised questions about whether it will have enough staff to function effectively, according to documents seen by Reuters. In a May 12 letter addressed to Klaus Regling, the head of the bloc's …
- EXCLUSIVE - New euro bailout fund may not have sufficient staff Matthias Sobolewski - Reuters - Wed 23 May, 2012
BERLIN (Reuters) - An external consulting firm charged with evaluating the structure of Europe's new permanent rescue facility has raised questions about whether it will have enough staff to function effectively, according to documents seen by Reuters. In a May 12 letter addressed to Klaus Regling, the head of the bloc's …
- First regional bank opens in Tibet ANI - ANI - Tue 22 May, 2012
Lhasa, May 22 (Xinhua-ANI): The first regional bank of Tibet opened its doors for business Tuesday, and will focus on making it easier for small- and medium-businesses obtain loans and generally hopes to improve financial services in the region.
- Tata Comm Q4 consolidated loss widens Reuters - Tue 22 May, 2012
REUTERS - Tata Communications reported a wider fourth-quarter consolidated loss, hit by higher costs and dragged by its South African unit, keeping the international telecoms carrier in the red for the third straight year. The company, one of the world's biggest undersea cable network owners, said consolidated net loss …
- Steps taken by India to support rupee Reuters - Tue 22 May, 2012
REUTERS - The Reserve Bank of India (RBI) announced further measures on Monday to curb speculative trading in the foreign exchange market, but the move failed to halt the rupee's slide to another record low. The administrative measures, in addition to directly selling dollars by the central bank in the market, are seen …
- JPMorgan stops stock buybacks, maintains dividend David Henry - Reuters - Tue 22 May, 2012
NEW YORK (Reuters) - JPMorgan Chase & Co CEO Jamie Dimon took another step that showed humility and caution in the wake of a stunning $2 billion loss, or more, on derivatives by announcing on Monday that the company will quit spending capital on stock buybacks. The company will suspend for now a $15 billion share repurchase …
- G8 growth talk leaves wary markets awaiting action William Schomberg - Reuters - Mon 21 May, 2012
REUTERS - A pledge by leaders of industrialized nations to help the troubled world economy is unlikely to herald quick new action by Europe on its debt crisis, meaning more uncertainty for nervous financial markets. The Group of Eight economies stressed on Saturday that their "imperative is to promote growth and jobs", …
- G8 backs Greece, vows to combat financial turmoil Jeff Mason and Laura MacInnis - Reuters - Sun 20 May, 2012
CAMP DAVID, Maryland (Reuters) - World leaders backed keeping Greece in the euro zone on Saturday and vowed to take all steps necessary to combat financial turmoil while revitalizing a global economy increasingly threatened by Europe's debt crisis. A summit of the G8 leading industrialized nations came down solidly in favor …
- World leaders vow to combat financial turmoil Jeff Mason and Laura MacInnis - Reuters - Sat 19 May, 2012
CAMP DAVID, Maryland (Reuters) - World leaders backed keeping Greece in the euro zone on Saturday and vowed to take all steps necessary to combat financial turmoil while revitalizing their economies, which are increasingly threatened by Europe's debt crisis. In a bold statement of support for Europe, the Group of Eight …
- Europe's economic woes dominate G8 gathering Jeff Mason and Laura MacInnis - Reuters - Sat 19 May, 2012
CAMP DAVID, Maryland (Reuters) - U.S. President Barack Obama pledged at a Group of Eight summit on Saturday to work with Europe to balance growth with debt reduction as world leaders try to prevent the worsening euro zone crisis from destabilizing the global economy. At the wooded Camp David presidential retreat in Maryland's …
- Greek exit could cost euro zone billions of euros Paul Carrel - Reuters - Sat 19 May, 2012
FRANKFURT (Reuters) - A Greek exit from the euro zone could expose the European Central Bank and the currency bloc it seeks to protect to hundreds of billions of euros in losses, landing Germany and its partners with a crippling bill. A Greek departure would take Europe into uncharted legal waters. The size of the burden …
- Top executives of PSU banks are outside service rules Indo Asian News Service - IANS - Sat 19 May, 2012
Chennai, May 19 (IANS) The country's top civil servants are subject to service/conduct/disciplinary rules, but top honchos of government-owned banks are not.
- SBI delivers a scorcher Our Special Correspondent - www.telegraphindia.com - Sat 19 May, 2012
"Now that the government's equity contribution has come in and has been accounted for, we'll go back to the credit rating agency for a reassessment of the SBI's rating," Chaudhuri said.
- Banks' rising bad loans add to Spanish troubles Julien Toyer and Jesús Aguado - Reuters - Sat 19 May, 2012
MADRID (Reuters) - Spanish banks' bad loans rose in March to their highest in 18 years, underscoring the problems facing the government as it drafts in independent auditors in an attempt to reassure investors it can clean up the sector. The Bank of Spain said bad loans rose to 8.37 percent of banks' outstanding loans, the …
- World stocks erase year's gain; Brent at 2012 low Caroline Valetkevitch - Reuters - Sat 19 May, 2012
NEW YORK (Reuters) - World stocks erased the year's gains o n Friday as investors fled risky investments for safe-haven assets on concerns about the euro zone's deepening debt woes, while U.S. stocks lost ground after the debut of Facebook's failed to ignite optimism. Brent crude closed at its lowest in 2012 as the euro …
- Europe thinks the unthinkable on Greece Sebastian Moffett and Mike Peacock - Reuters - Sat 19 May, 2012
BRUSSELS/LONDON (Reuters) - European officials are working on contingency plans in case Greece bombs out of the euro zone, the EU's trade commissioner said on Friday, as European share prices tumbled and Germany warned of continuing financial turmoil. German Finance Minister Wolfgang Schaeuble, one of Greece's harsher critics, …
- SBI annual net profit surges nearly 42 percent Indo Asian News Service - IANS - Fri 18 May, 2012
Kolkata/Mumbai, May 18 (IANS) India's biggest lender, the State Bank of India (SBI), Friday reported a 41.66 percent rise in net profit year-on-year to Rs.11,707 crore in 2011-12 fiscal from Rs.8,265 crore in 2010-11.
- SBI winning the war on bad loans; Q4 net jumps Swati Pandey - Reuters - Fri 18 May, 2012
KOLKATA (Reuters) - State Bank of India, the country's top lender, reported better-than-expected fourth-quarter net profit and expects asset quality to improve further as it focuses on restructuring some corporate debt and boosts credit recovery mechanisms. The state-run bank, which posted record profit in the March quarter, …
- Europe thinks the unthinkable on Greece Sebastian Moffett and Mike Peacock - Reuters - Fri 18 May, 2012
BRUSSELS/LONDON (Reuters) - European officials are working on contingency plans in case Greece bombs out of the euro zone, the EU's trade commissioner said on Friday, while Berlin said it was prepared for all eventualities. European shares were on course for their steepest weekly decline since November and are now in the …
- Suzlon seeks more time for foreign bond repayment Reuters - Fri 18 May, 2012
NEW DELHI (Reuters) - Suzlon Energy is seeking up to 45 more days from bondholders to repay foreign currency bonds maturing in June while it works on raising as much as $300 million in loans, the wind turbine maker said on Friday. Suzlon, the world's fifth-largest wind manufacturer by cumulative installed capacity, needs …
- BSE Sensex gains on SBI earnings, bucks Asian falls Manoj Dharra - Reuters - Fri 18 May, 2012
MUMBAI (Reuters) - The BSE Sensex recovered from its lowest intraday level since January 9 to gain on Friday after stronger-than-expected earnings from State Bank of India relieved concerns about non-performing assets and credit growth in the lending sector. The earnings from India's biggest bank offset a day of continued …
- Greek threat pushes world stocks into red for year Mike Peacock - Reuters - Fri 18 May, 2012
LONDON (Reuters) - World shares slid and German borrowing costs hit record lows on Friday as a deepening Spanish banking crisis, uncertainty about Greece's future in the euro zone and lacklustre U.S. data bolstered safe-haven assets. World stocks, as measured by the MSCI index, dropped 0.7 percent and are now below where …
- SBI to pitch to Moody's for upgrade Reuters - Fri 18 May, 2012
KOLKATA, India (Reuters) - State Bank of India, the country's biggest lender, plans to pitch to Moody's Investors Services for a ratings upgrade, Chairman Pratip Chaudhuri said. The bank was downgraded by ratings agency Moody's in October because of its thin capital base and worsening asset quality. The bank posted better-than-expected …
- SBI sees 16-18 pct loan growth in fiscal 2013 Reuters - Fri 18 May, 2012
KOLKATA (Reuters) - State Bank of India , the country's top lender, expects a growth of 16 percent to 18 percent in credit demand in the fiscal year that started on April 1, its chairman said on Friday. The state-run bank does not see a sharp deterioration in its asset quality, Pratip Chaudhuri told reporters, after it …
RICHMOND, California (Reuters) - The battleship USS Iowa, which served the United States through victory and tragedy during six decades at sea, set off on its final voyage on Saturday, a trip to Los Angeles to become a museum. With a cheer, volunteers in hard hats cast off … More »World War Two battleship USS Iowa sets off on final voyage