Browsing Category News
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ECB to help Rome and Madrid with bond purchases
As European markets opened on Monday yields on Spanish and Italian bonds saw a sharp fall to 83 and 79 basis points respectively following an intervention by the European Central B... -
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US to raise debt limit
President Obama has announced that senior Republican and Democrat party members have agreed a proposal to limit US debt by $2.4bn in order to avoid deault or downgrading from the n... -
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Credit Suisse to cut 2,000 jobs after 52% profit drop
Swiss banking group Credit Suisse on Thursday announced a 2Q11 net earnings drop of 52 percent year-on-year to SFr768m amid weak trading activity and currency exchange effects of t... -
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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 decr... -
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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 weak... -
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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 perc... -
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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 situati... -
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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 inves... -
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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... -
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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 service...
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