IBTimes.com : Finance

Vodafone eyes C&W Worldwide bid - paper

Sun, 12 Feb 2012 07:42:06 EST

British mobile phone operator Vodafone is considering a 700 million pound ($1.10 billion) bid for Cable & Wireless Worldwide although no offer is imminent, the Sunday Times reported, citing industry and City of London sources.

Bankers arrested in tax probe

Sun, 12 Feb 2012 06:28:07 EST

Several British bankers have been arrested as part of an investigation into alleged tax-related criminal offences, the country's customs and revenue service said on Sunday, including some from Royal Bank of Scotland.

Greece set to agree bailout as Germany demands action

Sun, 12 Feb 2012 05:49:05 EST

Greek lawmakers looked set to agree to a deeply unpopular bailout deal on Sunday to avert what Prime Minister Lucas Papademos warned would be "economic chaos," and Germany demanded Athens dramatically change its ways to stay in the euro.

Afghans fret flight of hard cash a sign of things to come

Sun, 12 Feb 2012 04:14:06 EST

In the crush of people in Kabul's Shahzada money market, conspiracy theories are a currency as hard as the bundles of cash in the hands of bearded traders trying to divine their future.

Schaeuble warns Greek promises no longer suffice

Sun, 12 Feb 2012 03:42:06 EST

Greek promises on austerity measures are no longer good enough because so many vows have been broken and the country that has been a "bottomless pit" has to dramatically change its ways, German Finance Minister Wolfgang Schaeuble said.

It's bailout or chaos, PM Papademos tells Greece

Sat, 11 Feb 2012 20:07:05 EST

Greek Prime Minister Lucas Papademos has told lawmakers to back a deeply unpopular international financial rescue in a vote Sunday or condemn the country to "uncontrolled economic chaos and social explosion.".

SEC looks into private equity industry practices: WSJ

Sat, 11 Feb 2012 16:35:04 EST

The Securities and Exchange Commission has launched an inquiry into how the private equity industry values its investments, how those investments are marketed, and other practices, the Wall Street Journal reported on Saturday.

IIF's Dallara urges Greek lawmakers to back bailout

Sat, 11 Feb 2012 14:42:04 EST

The chief negotiator for private creditors over a Greek debt swap deal, Charles Dallara, urged lawmakers to approve the country's IMF/EU bailout deal in parliament on Sunday, saying the deadlines allowed "no room for slippage.".

South African bank notes to bear Mandela's image

Sat, 11 Feb 2012 12:00:11 EST

Nelson Mandela's face will feature on all South Africa's bank notes to honour the former president's role in fighting apartheid, President Jacob Zuma said on Saturday.

Hungary government lawmaker sees IMF deal by May - report

Sat, 11 Feb 2012 09:49:05 EST

Hungary can realistically start formal talks with the European Union and the IMF about a vital funding deal in early March and an agreement can be reached by the middle of the second quarter, a ruling Fidesz party lawmaker said on Saturday.

Hungarian government lawmaker sees IMF deal by May: report

Sat, 11 Feb 2012 09:42:05 EST

Climax nears in Greek drama

Sat, 11 Feb 2012 07:42:05 EST

Tortuous negotiations over a second bailout for Greece are set to come to a head on Wednesday, putting fragile market confidence to the test on the same day data is tipped to show the euro zone is entering a mild recession.

Greece warns bailout rebels of unknown, dangerous path

Sat, 11 Feb 2012 05:42:07 EST

The Greek government told rebellious lawmakers on Saturday to back a deeply unpopular EU/IMF rescue in parliament or send the nation down "an unknown, dangerous path" to default and international economic isolation.

Factbox: Greek austerity and reform measures

Fri, 10 Feb 2012 23:00:12 EST

The Greek cabinet approved late on Friday a draft law setting out the tough reform and austerity program it needs to take as the price of a new EU/IMF bailout.

Cupid targets the Fed with early Valentine tweets

Fri, 10 Feb 2012 21:49:05 EST

It isn't often you see the words "love", "romance", and "Federal Reserve" in the same sentence.

Insurers stuck with cost of Obama birth-control plan

Fri, 10 Feb 2012 21:42:08 EST

President Barack Obama's compromise on free birth control coverage left health insurers stuck with the bill, sparking worries over the precedent set by the new policy.

Italy doesn't need firewalls, Europe does - Monti

Fri, 10 Feb 2012 21:42:07 EST

Italian Prime Minister Mario Monti said Rome will not need bailout funds to overcome its debt crisis, but he reiterated that Europe should build large financial firewalls to "impress the market and take the perception of risk away.".

Researchers say find Google Wallet security risk

Fri, 10 Feb 2012 21:21:03 EST

Security researchers said they found a vulnerability in the Google Inc mobile payments platform which is currently available in phones sold by Sprint Nextel Corp.

Swiss bank Wegelin is "fugitive" in tax fraud case

Fri, 10 Feb 2012 20:28:04 EST

Wegelin & Co, the oldest Swiss private bank, was declared a fugitive after failing to show up in a U.S. court to answer a criminal charge that it conspired to help wealthy Americans evade taxes.

Health insurers question Obama birth control plan

Fri, 10 Feb 2012 19:00:08 EST

U.S. health insurers said on Friday they feared President Barack Obama had set a new precedent by making them responsible for providing free birth control to employees of religious groups as he sought to defuse an election-year landmine.

DuPont starts unit auction, may fetch $4 billion: sources

Fri, 10 Feb 2012 18:35:10 EST

Chemical maker DuPont has started the auction of its car paint business, which could bring in more than $4 billion and has drawn early interest from a number of private equity firms, according to sources familiar with the matter.

U.S. hedge fund manager charged with insider trading

Fri, 10 Feb 2012 17:42:06 EST

A California hedge fund manager was charged on Friday with making $900,000 illegally on inside information about three technology companies, the latest strand of the high-profile Galleon Group prosecutions against money managers and traders.

January budget gap shrinks

Fri, 10 Feb 2012 16:49:07 EST

The monthly budget deficit narrowed to $27.4 billion in January from $49.8 billion in the same month a year earlier, partly because some benefit payments normally made in January were shifted to December, the Treasury Department said on Friday.

Analysis: CME Group prepares to slim super-sized board

Fri, 10 Feb 2012 16:42:06 EST

CME Group Inc's super-sized board of directors is about to go on a diet, but the results are going to take a while to show.

January budget gap shrinks

Fri, 10 Feb 2012 16:14:07 EST

Housing a "significant headwind" to recovery: Fed's Pianalto

Fri, 10 Feb 2012 15:42:06 EST

The housing market is holding back the broader economic recovery now that foreclosures have become "a national crisis," a top Federal Reserve official said on Friday.

Travelodge plugs funding hole - sources

Fri, 10 Feb 2012 15:35:11 EST

British budget hotelier Travelodge has had to call on its lenders for emergency cash to tide it over, and could need more capital shortly as it struggles to cope with its debts, people familiar with the matter told Reuters.

Exclusive: Future of bank benchmark rate under review

Fri, 10 Feb 2012 15:35:10 EST

A global probe into whether banks colluded to set the interest rates at which they borrow money from each other has thrown into question the future of the benchmark they use to price financial products worth an estimated $360 trillion.

MF Global trustee sees $1.6 billion claims gap

Fri, 10 Feb 2012 15:14:11 EST

The trustee overseeing MF Global's bankruptcy in the United States said Friday the gap between potential customer claims and the assets under his control are at $1.6 billion.

Obama shift seeks to defuse birth-control fight

Fri, 10 Feb 2012 15:00:14 EST

President Barack Obama, in an abrupt policy shift aimed at quelling an election-year firestorm, announced on Friday that religious employers would not be required to offer free birth control to workers and that the onus would instead be put on insurers.

Apax prepares to battle lenders over Marken - sources

Fri, 10 Feb 2012 15:00:13 EST

Private equity group Apax is preparing for a tussle with lenders over British medical courier Marken, which it bought in a 2009 deal that paved the way for a resurgence in buyouts, people familiar with the situation said.

Details of new ECB collateral rules begin to firm

Fri, 10 Feb 2012 14:49:07 EST

Euro zone central banks began to fill in some of the blanks surrounding their new, more accommodative lending rules on Friday, revealing banks will get between 90 and 11 percent of the face value of the freshly-eligible loans they can now use as collateral.

Greece must back bailout or face catastrophe: Papademos

Fri, 10 Feb 2012 14:42:06 EST

Greek Prime Minister Lucas Papademos told his turbulent coalition government on Friday to accept a harsh international bailout deal or condemn the nation to catastrophe.

Exclusive - Future of bank benchmark rate under review

Fri, 10 Feb 2012 14:35:07 EST

Spain cuts firing costs in new labor reform

Fri, 10 Feb 2012 14:28:04 EST

Spain cut severance pay for workers on Friday and watered down collective bargaining rights, giving more power to employers as it attempts to kick start its moribund jobs market and slash Europe's highest unemployment rate.

Anxiety over incomes hits consumer morale

Fri, 10 Feb 2012 14:21:07 EST

Americans felt worse about their personal finances in early February, but rising confidence in the labor market's prospects should help to support spending and the broader economy.

RLPC-ECB cash helps thaw Europe's loan market

Fri, 10 Feb 2012 13:14:05 EST

Conditions are easing in Europe's syndicated loan market as cash from the European Central Bank starts to filter through, boosting liquidity and freeing up new money to lend, although dollar funding remains scarce and expensive.

US hedge fund manager charged with insider trading

Fri, 10 Feb 2012 13:07:06 EST

A California-based hedge fund manager surrendered to FBI agents on insider-trading charges on Friday, an FBI spokesman in New York said.

AllianceBernstein disappoints again

Fri, 10 Feb 2012 13:00:09 EST

Money manager AllianceBernstein LP turned in another disappointing financial report on Friday, with fourth-quarter profit and revenue falling short of Wall Street expectations as clients continued to pull money out of its stock funds.

Bernanke urges action to heal housing markets

Fri, 10 Feb 2012 12:42:07 EST

Federal Reserve Chairman Ben Bernanke on Friday issued a call to action to restore housing markets, saying depressed house prices and sales are a serious drag on the economic recovery.

UK to drop Merlin lending targets as SME loans lag

Fri, 10 Feb 2012 12:35:10 EST

The government will not extend a deal requiring banks to meet fixed lending targets to businesses, a Treasury source said, scrapping a scheme designed to revive ailing credit markets, which have been a barrier to economic recovery.

FTSE hit by fresh stumble in Greek aid talks

Fri, 10 Feb 2012 12:35:10 EST

The leading share index closed lower and posted its worst week for two months after fresh Greek political drama around the terms of its second bailout package fuelled selling of cyclical stocks and brought fresh technical support into sight.

Instant View: Consumer mood worsens in early February

Fri, 10 Feb 2012 12:21:06 EST

Americans turned less optimistic about the economy in early February on worries about falling income even as their outlook on the jobs market rose to a record high, a survey released on Friday showed.

Consumer morale sags, trade gap widens

Fri, 10 Feb 2012 12:00:12 EST

Concerns about weak incomes weighed on consumer confidence in early February, but rising optimism over the jobs market should help to support spending and the broader economy.

Obama shift on birth control seeks to placate Catholics

Fri, 10 Feb 2012 11:56:08 EST

The White House, in an abrupt shift aimed at quelling an election-year firestorm, announced on Friday that religious employers would not be required to offer free birth control to workers and that the onus would instead be put on health insurers.

Greek far-right leader rejects bailout, attacks Germany

Fri, 10 Feb 2012 11:49:05 EST

Greek far-right leader George Karatzaferis refused on Friday to support his own government by backing a tough EU/IMF international bailout, and a state news agency said his party's ministers had offered to resign from the coalition.

December trade gap widens

Fri, 10 Feb 2012 11:28:06 EST

The U.S. trade deficit widened slightly more than expected in December, as stronger U.S. economic growth lifted imports to the highest level in three-and-a-half years.

Consumer mood worsens in February on income worries

Fri, 10 Feb 2012 11:28:05 EST

Americans felt worse about their personal finances in early February, even as they saw a light at the end of the tunnel for the jobs market, a survey released on Friday showed.

U.S. jobless rate projected to fall sharply

Fri, 10 Feb 2012 11:21:08 EST

Economists in a survey see the unemployment rate falling much faster this year than previously expected, an improvement in the jobs market that could help President Obama's re-election chances.

RBS to wind down some equity units, jobs to go

Fri, 10 Feb 2012 11:21:07 EST

Royal Bank of Scotland is to wind down some parts of its equities operations as part of a broader cut-back of its investment banking operations, with thousands of jobs already set to go as part of the restructuring.