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    Unemployment rate hits record high

    Unemployment figures for March within the 17 nations of the eurozone rose by 169,000 or at a rate of 10.9 percent, the highest level since the euro launch, said statistics agency Eurostat. The worse numbers came out of Spain at 24.1 percent, Portugal at 15.3 percent and Greece, where the unemployment rate hit 21.7 percent. The increase means official unemployment figures are now at 17.4 million within the eurozone. Over the past year joblessness increased by 1.68 million. The news comes as France and Greece are preparing to hold national elections on Sunday and a day before the European Central Bank’s monthly monetary policy meeting....
    On May 3, 2012 / By
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    Voting now open for World Finance Legal Awards

    It’s with great pleasure that World Finance announces the opening of voting of the 2013 Legal Awards. Now in its sixth year, the World Finance Legal Awards are fast becoming the global benchmark for the industry. Celebrating the best firms and individuals working within the sector, the objective of the awards is to capture and examine the top performers, informing the World Finance readership of those at the forefront of the market. Outside of the legal industry the awards will provide a definitive point of reference for firms, for commercial and private clients, professional advisers, and C suite executives searching for a roadmap to busin...
    On May 3, 2012 / By
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    Global unemployment figures to hit 202 million by 2012

    Tough austerity measures and harsh labour reforms are hurting employment markets globally, according to the International Labour Organisation (ILO). Unemployment figures are forecast to increase at a rate of 6.1 percent to 202 million during 2012. The organisation found that employment levels are not expected to return to pre-crisis levels until the end of 2016. The report said that fiscal austerity had “devastating consequences” for employment and warned that unless governments combined their austerity schemes with job creation they were taking the risk of fuelling public unrest. This was confirmed by the World of Work Report 2012, which...
    On April 30, 2012 / By
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    S&P slashes Spain credit rating

    Standard & Poor’s late on Thursday cut Spain’s sovereign credit rating by two notches due to “a challenging fiscal outlook” for the nation. The ratings agency downgraded the country from A to BBB+. The drop reflects the agency’s views on “the mounting risks to Spain’s net general government debt as a share of GDP in light of the contracting economy, in particular due to the deterioration in the budget deficit trajectory for 2011-2015,” S&P said. S&P cited concerns about the implementation of Spain’s €27bn austerity programme and the likeliness of its government having to provide “further fiscal support” ...
    On April 27, 2012 / By
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    South Korea GDP weakest in 30 months

    South Korea’s GDP grew 2.8 percent year-on-year for the first quarter 2012, slipping to its weakest level in two and a half years, according to figures published by the central bank on Thursday. The country’s economy expanded in the quarter by 0.9 percent thanks to gains in exports and improved domestic demand. The consumer confidence index climbed to 104 in April, the highest since May last year. GDP results come just a month after the central bank reduced the country’s growth forecast from the previous 3.7 percent to 3.5 percent for 2012....
    On April 26, 2012 / By
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    Shell seals £1.2bn Cove Energy deal

    Europe’s largest oil company, Royal Dutch Shell, on Tuesday said it has come to an agreement to buy Mozambique-focused Cove Energy for £1.12bn, according to a company statement. Shell secured the deal after it increased its offer for Cove Energy buy levitra online from a previous 195 pence to 220 pence a share to match a competing offer from Thailand’s PTT Exploration & Production. Cove put itself up for sale in January following a large natural gas discovery off the coast of Mozambique. It now owns a 8.5 percent stake in the Rovuma Area 1 natural gas block, which may hold an estimated 30 trillion cubic feet of fuel. Shares in Cove ...
    On April 24, 2012 / By
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    Dutch austerity talks collapse

    Dutch finance minister Jan Kees de Jager cut short US-based IMF austerity talks to return home after the governing coalition in The Hague failed to reach an agreement on deficit limits which were imposed by the EU. De Jager will attempt to reassure ratings agencies that he is able to put the country’s budget back on track after Geert Wilders withdrew his party’s support for the minority government in parliament. The country is in danger of losing its AAA rating if no agreement is reached. Wilders rejected budget cuts, saying he “will not bow to dictators and Brussels’ bureaucrats.” The move has brought the nation’s government to n...
    On April 23, 2012 / By
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    RFXT targets innovation in online trading products

    For the second year running, Royal Forex Trading SAL has been recognised for the firm’s outstanding work within online brokerage, offering some of the industry’s best products over recent times. This comes as numerous FX brokerage firms are being established worldwide every month and competition is increasing in emerging markets such as in the Middle East and North Africa (MENA) region. Based in Beirut, Lebanon and regulated by the Central Bank of Lebanon, one of the strictest financial regulatory bodies in the world, RFXT has come to know the meaning of success. As one of the first brokerage firms operating in Lebanon, the firm began by ...
    On April 20, 2012 / By
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    SEC takes action against Egan-Jones

    Credit ratings agency Egan-Jones and the firm’s founder Sean Egan are expected to face charges for allegedly making material and intentional misstatements in its application to US securities regulators. The charge refers to information in rating sovereign debt and asset-backed securities in 2008. The civil action filed by the SEC concerns Egan-Jones’ conflict of interest policy issues, as well as misleading the regulator over its finances, internal proceedings, its rating and the adequacy of its records and book-keeping. Egan-Jones said it plans to vigorously defend itself against the SEC claims....
    On April 20, 2012 / By
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    Japan and Nordic countries to boost IMF firewall

    The Japanese government late on Tuesday said it will add an estimated $60bn of funding to the IMF to help bolster its firewall, its finance minister Jun Azumi said. Japan believes the injection will prevent the European sovereign debt crisis from dragging down other economies across the globe and shield it from a deepening crisis. The Swedish government followed suit and promised an additional $10bn, while Denmark pledged an extra $7bn to the cause, bringing the total combined funds to $77bn from the three countries. The IMF is seeking an added $600bn to uphold global economic stability but has so far only received $200bn....
    On April 18, 2012 / By