IBTimes.com : Finance

Violence offers glimpse of Greece's reform challenge

Mon, 13 Feb 2012 03:49:06 EST

Greeks swept rocks and broken glass from the streets of Athens on Monday after a night of violence that gave lawmakers a taste of the challenge they face in implementing a deeply unpopular austerity bill demanded by the country's foreign lenders.

Progress on Greek deal lifts euro, global shares

Mon, 13 Feb 2012 03:35:08 EST

The Greek parliament's approval of austerity measures to secure a much-needed bailout lifted the euro and European shares on Monday, although with further steps needed before the shadow of a debt default can be lifted, gains may be limited.

Japan minister threatens to block Tepco bailout

Mon, 13 Feb 2012 03:28:06 EST

Japan's trade minister threatened on Monday to block a plan to rescue Tokyo Electric Power Co with a $13 billion (8 billion pounds) injection of public funds unless the government gets more say in running the struggling operator of the tsunami-hit Fukushima nuclear plant.

Tensions grow over EU aviation emissions

Mon, 13 Feb 2012 02:42:05 EST

Global planemaker Airbus joined a chorus of concern that a European scheme to charge airlines for carbon emissions risks triggering a full-blown trade war, with implications for plane deals and even Europe's crippling sovereign debt crisis.

Myanmar by-elections vital for EU sanctions move - official

Mon, 13 Feb 2012 02:21:04 EST

A top EU official held out the prospect of a further easing of sanctions on Myanmar during a meeting on Monday with a senior member of the new civilian administration and announced increased aid to acknowledge reforms already begun.

Venezuela's Capriles wins primary, seeks to beat Chavez

Mon, 13 Feb 2012 01:28:05 EST

Venezuelan opposition leader Henrique Capriles easily won a primary election on Sunday to become the unity candidate against President Hugo Chavez, vowing to end 13 years of socialist rule that he said has left the OPEC nation in crisis.

China paper says country does not want to "buy up" Europe

Mon, 13 Feb 2012 00:35:06 EST

China has no intention of "buying up" or "controlling" a debt-ridden Europe that it still has confidence in, and any help Beijing may offer will be for purely economic reasons, a top state-run newspaper said on Monday ahead of a China-EU summit.

Exclusive: Mexico told to probe Slim phone collusion charges

Sun, 12 Feb 2012 23:42:09 EST

A court has ordered Mexico's competition watchdog to investigate claims of collusion between businesses controlled by telecommunications tycoon Carlos Slim and Spain's Telefonica, according to a court document seen by Reuters on Sunday.

Analysis:China offshore yuan market booms even as yuan bets fade

Sun, 12 Feb 2012 23:14:07 EST

Three years after China launched its most ambitious experiment yet to give its currency more global clout, some market watchers are writing its epitaph, saying Beijing is not loosening its grip on the yuan fast enough to attract sustained interest.

EU commissioner in Myanmar to explore cooperation

Sun, 12 Feb 2012 21:49:10 EST

An EU official arrived in Myanmar's capital Monday for talks with a civilian government praised by Brussels for the reforms it has begun over the past year after five decades of authoritarian military rule.

Venezuela's Capriles to run against socialist Chavez

Sun, 12 Feb 2012 21:42:08 EST

Youthful state governor Henrique Capriles won Venezuela's opposition primary on Sunday, setting up a potentially close battle with socialist President Hugo Chavez in an October election.

CBI sees recovery, no more stimulus from BoE

Sun, 12 Feb 2012 21:14:10 EST

Economic growth will gather pace in the second half of this year, making it unlikely the Bank of England will give the economy another cash injection, a leading business lobby said on Monday.

Venezuela's Capriles wins opposition primary

Sun, 12 Feb 2012 20:42:07 EST

Venezuelan state governor Henrique Capriles won an opposition primary on Sunday, setting up a potentially close battle with President Hugo Chavez in the South American OPEC member nation's October vote, sources said.

Venezuela's Capriles set for opposition primary win

Sun, 12 Feb 2012 20:28:06 EST

Venezuelan state governor Henrique Capriles looked set to win an opposition primary on Sunday, setting up a battle with President Hugo Chavez in October in South America's top oil exporter.

Greek lawmakers approve austerity bill as Athens burns

Sun, 12 Feb 2012 18:21:04 EST

The Greek parliament approved a deeply unpopular austerity bill to secure a second EU/IMF bailout and avoid national bankruptcy, as buildings burned across central Athens and violence spread around the country.

Greek parliament approves new austerity bill

Sun, 12 Feb 2012 17:56:08 EST

The Greek parliament approved Monday a deeply unpopular austerity bill to secure a second bailout from the European Union and International Monetary Fund and avoid a messy default.

Central Athens burns as lawmakers weigh austerity

Sun, 12 Feb 2012 16:56:06 EST

Historic cinemas, cafes, shops and banks were set ablaze in central Athens Sunday as black-masked protesters fought Greek police outside parliament, while inside lawmakers looked set to defy the rage by endorsing a new EU/IMF austerity deal.

Athens buildings burn as lawmakers weigh austerity

Sun, 12 Feb 2012 15:00:11 EST

Historic cinemas, cafes and shops went up in flames in central Athens on Sunday as black-masked protesters fought Greek police outside parliament, while inside lawmakers looked set to defy the public rage by endorsing a new EU/IMF austerity deal.

Greeks hurl petrol bombs as lawmakers weigh austerity

Sun, 12 Feb 2012 13:35:05 EST

Black-masked protesters throwing petrol bombs created a wall of fire on Sunday outside Greece's parliament as lawmakers inside looked set defy public rage by endorsing a new austerity deal to secure an EU/IMF bailout and avoid national bankruptcy.

Protesters battle Greek police as parliament decides

Sun, 12 Feb 2012 11:42:05 EST

Greek lawmakers looked set to endorse a new austerity deal on Sunday to secure an EU/IMF bailout and avoid national bankruptcy, defying public rage and protesters who fought pitched battles with riot police outside parliament.

Swiss lobby group open to self-declaration on taxes

Sun, 12 Feb 2012 11:42:05 EST

The head of a leading Swiss business lobby group said on Sunday he was open to a requirement that banks ask clients to declare their money is taxed, but said that asking for proof is a step too far.

Aviva says making progress on Taiwan JV stake sale

Sun, 12 Feb 2012 10:35:05 EST

Insurer Aviva said on Sunday it was continuing with talks on the sale of its stake in a Taiwan life insurance joint venture, and was making progress.

Venezuela opposition picks candidate to face Chavez

Sun, 12 Feb 2012 10:28:04 EST

Venezuelans voted on Sunday in an opposition primary expected to name a young state governor to challenge Hugo Chavez later this year at a close presidential election in South America's biggest oil exporter.

Airlines urge U.N. deal to avert carbon trade war

Sun, 12 Feb 2012 08:42:05 EST

Global airlines called on Sunday for a U.N.-brokered deal to prevent a row over aviation emissions between China and the European Union spilling into a damaging trade war.

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.