Kurt Osterberg

Browsing All Posts By Kurt Osterberg

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    Bank results worry markets

    Swiss bank UBS said on Tuesday it plans major job cuts to reduce costs of up to $2.5bn over the next two to three years. The announcement came as it reported a 49 percent 2Q11 decrease in net profit t...
    On July 26, 2011 / By
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    Moody’s downgrades Greece to near default

    Moody’s Investors Service on Monday cut Greece’s sovereign debt by three notches to Ca from Caa1, warning the second bailout of Greece is likely to result in a default and weaken the credit rating...
    On July 25, 2011 / By
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    EU leaders agree €109bn Greek bailout

    European heads of state at the emergency summit in Brussels agreed late on Thursday a new €109bn bailout package for Greece. The deal includes a reduced interest rate of 3.5 percent and a time exten...
    On July 22, 2011 / By
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    Barrosso grasps Basel III

    The president of the European Commission, José Manuel Durão Barroso, warned ahead of Thursday’s Euro area summit that “nobody should be under any illusion because the situation is very serious....
    On July 21, 2011 / By
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    Goldman Sachs to shed up to 1000 jobs

    Goldman Sachs announced late on Tuesday that it will lay off around three percent of its workforce, an estimated 1,000 staff, amid disappointing 2Q11 results. The news by the investment bank comes fol...
    On July 20, 2011 / By
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    IBM 2Q earnings beat estimates

    IBM reported growth in all of its key product areas and raised its income guidance for 2011 as net earnings for 2Q11 increased by eight percent to $3.7bn compared to $3.4bn in 2010, the company said l...
    On July 19, 2011 / By
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    US investigates Credit Suisse

    Banking giant Credit Suisse said Friday it had received notice that it is being investigated by the US Department of Justice and other authorities regarding private banking services provided on a cros...
    On July 15, 2011 / By
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    Moody’s downgrades US

    US treasuries futures fell late on Wednesday after Moody’s Investors Services placed the US government on review for a possible downgrade, which could see it stripped of its AAA rating. The ratings ...
    On July 14, 2011 / By
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    IMF urges Italy to cut budget deficit; UK energy bills to soar

    The IMF urged the Italian government late on Tuesday to “continue pursuing fiscal consolidation”, stressing that it should cut its budget deficit to below three percent of GDP by 2012 through “d...
    On July 13, 2011 / By
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    Phone hacking may have included Downing Street

    The attention surrounding News International – Rupert Murdoch’s media empire – intensified as allegations emerged that former Prime Minister Gordon Brown had personal data targeted by several Ne...
    On July 12, 2011 / By