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    European regulators extend short selling ban

    Italian, Spanish and French financial market regulators late on Wednesday extended the temporary bans on the short selling of selected financial stocks and banks in a bid to curb market volatility. The ban, which was originally implemented on August 12, will now last until November 11 for France and Italy owing to “continued market instability in European markets,” the European Securities and Markets Authority announced. Spain’s ban will not be lifted “until market conditions allow it.” The Spanish financial regulator said in a statement: “The current situation of protracted instability in European securities markets, in particula...
    On September 29, 2011 / By
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    Stock markets slip as Greece bailout decision looms

    European stocks decreased in early trading Wednesday as markets await Troika’s evaluation on Greece’s progress in reducing its debt levels. The ECB, EU and IMF, collectively known as Troika, hold the key to discharging the next tranche of the bailout money, a sum of €8bn from a total of €109bn, to Greece. Optimism about a solution weakened however following a report that European leaders were undecided about whether to reorganise Greece’s bailout. The FTSE 100 index, which on Tuesday gained significantly, fell 0.81 percent to 5,250.92, the German Dax decreased by 1.19 percent to 5,561.26, and the French CAC 40 slipped 1.28 percent t...
    On September 28, 2011 / By
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    Markets open higher on bleak Greek hopes

    Stocks across the board rose in early trading Tuesday as markets remained hopeful that discussions between German chancellor Angela Merkel and Greek prime minister George Papandreou will resolve Greece’s bailout and avert default. In Europe the FTSE 100 index climbed 2.28 percent to 5,205.38, the Stoxx Europe increased by 2.31 percent to 225.37, the German Dax 30 rose 3.37 percent to 5,525.73, and the French CAC added 2.99 percent to reach 2,944.87. Asian markets were up with the Nikkei 225 increasing 236 points, or 2.82 percent, to 8,610, the Hang Seng rising 723 points, or 4.15 percent, to 18,131 and the S&P ASX up 3.46 percent to 4,...
    On September 27, 2011 / By
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    Markets cautious ahead of Fed meeting

    European stocks remain fairly steady while Asian markets traded higher on Wednesday ahead of a Federal Reserve policy meeting.  Europe recuperated the ground it lost on Tuesday following an Italian credit rating downgrade after news emerged that Greece is “making good progress” in reaching a deal regarding the next tranche of €8bn as part of the bailout with the EC, the IMF, and the ECB. In Asia the Nikkei Stock Average increased 0.5 percent, the Kospi rose by one percent, and the Shanghai composite Index climbed 2.2 percent....
    On September 21, 2011 / By
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    Markets volatile amid Italian downgrade

    The euro decreased sharply on Tuesday against the dollar to $1.3599 following Italy’s debt rating cut by Standard & Poor’s late on Monday. S&P cut Italy’s credit rating by one notch to A from A+ with a negative outlook. The downgrade by the ratings agency comes amid worries that a “fragile governing coalition” and “weakening economic growth prospects” are pulling Europe’s third biggest economy further into the sovereign debt crisis. Markets remain volatile as investors await the decision on whether Greece will be granted the sixth tranche, $11bn as part of a bailout, from international lenders....
    On September 20, 2011 / By
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    Credit Suisse in tax deal with German prosecutors

    Credit Suisse said on Monday it has agreed an out of court settlement of €150m with the Public Prosecutor’s Office in Germany to end an investigation into its employees concerning tax evasion. The payment will be taken as a charge in the 3Q11. Switzerland’s second largest bank said in a statement: “The entire proceedings are to be resolved,” and added “a complex and prolonged legal dispute has been avoided, with an agreed solution that provides legal certainty.” The bank also said that it had been preparing for the changes in cross-border wealth management for a long time and pursues a strategy of only acquiring and managing ass...
    On September 19, 2011 / By
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    RIM profits collapse; India controls inflation

    Canadian BlackBerry maker, Research in Motion, saw its share plummet almost 20 percent Friday after it announced it had missed its earnings target for the third consecutive quarter. Profits decreased sharply by 47 percent for 2Q11 to $497m from $797m year-on-year, while revenue dropped by ten percent to $4.17bn in the three months to August 27. Jim Balsillie, Co-CEO, spoke of a positive outlook for the next quarter. He said: “Overall unit shipments in the quarter were slightly below our forecast due to lower than expected demand for older models. We successfully launched a range of BlackBerry 7 smartphones around the world during the latter...
    On September 16, 2011 / By
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    Moody’s cuts SocGen and Credit Agricole

    France’s second and third largest banks by assets – Credit Agricole and Société Générale – on Wednesday saw their credit ratings downgraded one notch by Moody’s Investors Service. Moody’s slashed Credit Agricole to Aa2 from Aa1 while Société Générale was reduced to Aa3 from Aa2 with a negative outlook for long-term debt and deposit ratings. The downgrade follows months of speculation after Moody’s said in June it was reviewing France’s top three listed lenders and their Greek debt exposure. BNP Paribas is still being assessed by the ratings agency. The news triggered stock volatility with SocGen shares falling 1.7 percen...
    On September 14, 2011 / By
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    BNP Paribas drags European shares down

    Shares in BNP Paribas on Tuesday plummeted nine percent to €23.63 after a drop of 12 percent in an earlier session. The decrease followed allegations that the lender could be facing a possible credit rating downgrade. Several French banks remain under pressure by markets amid worries over Greek debt exposure. Stocks had opened higher in early trade Tuesday after it emerged that China’s sovereign wealth fund is in talks with Italian officials to buy government bonds and investments in strategic corporations. Early gains offered a brief relief only however, as the FTSE 100 fell 0.8 percent to 5,086, while the French CAC 40 decreased 2.6 per...
    On September 13, 2011 / By
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    UK banks hit with reforms

    The Independent Commission on Banking published its final report on Monday proposing that Britain’s banks need to “ring-fence” by disconnecting their retail operations from the riskier investment banking arms. Banks were given until 2019 to implement the radical reforms, and could cost between £4bn and £7bn according to the report. ICB’s chairman, John Vickers, said: “Separation would allow better targeted policies towards banks in difficulty, and would minimise the need for support from taxpayers.” The Vickers report proposed that UK banks should hold a ten percent core tier one capital, rather than the seven percent capital bu...
    On September 12, 2011 / By