Firms and consumers continued to pull their money out of Greek banks at a rapid rate in January, European Central Bank data showed on Monday, underscoring the ongoing lack of trust the country's banking system faces.
HSBC Holdings Plc , Europe's biggest bank, predicted growth in Asia and other emerging markets would outweigh sluggish European economies this year as it posted a $21.9 billion profit for 2011, the best outturn by a western bank so far.
An industry alliance including the top wireless chipset provider Qualcomm will step up competition in the smartphone software market on Monday, with a new Internet-based free technology for cheaper smartphones.
Leading economies told Europe it must put up extra money to fight its debt crisis if it wants more help from the rest of the world, piling pressure on Germany to drop its opposition to a bigger European bailout fund.
Germany's parliament will almost certainly endorse a Greek bailout on Monday despite growing pressure on Chancellor Angela Merkel to meet domestic calls to stop throwing money down this crazy path.
HSBC Holdings , Europe's biggest bank, made a $21.9 billion profit last year, the largest among western banks, as its strength in Asia helped it cope with a euro zone debt crisis that has plunged many rivals into huge losses.
HSBC just missed analysts' expectations with a near $22 billion profit last year, which marked the biggest profit among western banks thanks to its strength in Asia and other emerging markets.
Olympus Corp tapped a company veteran as president and a former banker from its main lender as chairman on Monday, a move likely to upset big foreign investors as it tries to recover from an accounting scandal that tarnished its image and hammered its balance sheet.
China on Monday called for steps to address the euro zone debt crisis, high oil prices and volatile capital flows, adding that Group of 20 nations should focus on ensuring a global economic recovery and financial market stability.
The trial to decide who should pay for the 2010 Gulf of Mexico oil spill has been delayed by a week, to allow BP Plc to try to cut a deal with tens of thousands of businesses and individuals affected by the disaster.
Emerging economies said on Sunday that they will challenge a tradition that has placed an American at the head of the World Bank for decades, as the Obama administration shows sensitivity to the need for change at global institutions.
British oil giant BP Plc and plaintiffs suing over the 2010 Gulf of Mexico oil spill are discussing a $14 billion settlement that is nearing completion, Bloomberg said, citing three people familiar with the talks.
Japan's Olympus Corp is expected to unveil a new board of directors as early as Monday, part of efforts to recover from a $1.7 billion accounting fraud, but the new line-up is likely to disappoint the firm's major overseas investors.
Starved of credit, and facing a lack of deals and a new bout of indignation over executive pay, the private equity sector has one solace: returns continue to be better than those in stock markets.
HSBC Holdings is expected to report the West's biggest banking profit for last year, fuelled by the East, while its rivals are struggling with faltering European and U.S. growth.
Why is one professional observer so negative about America's short-term economic prospects?
The United States did not openly call for a release of countries' strategic petroleum reserves during Group of 20 meetings this weekend, G-20 sources said on Saturday, although the country is considering a release from its own Strategic Petroleum Reserve to stem surging crude-oil prices.
Bank of Japan Gov. Masaaki Shirakawa said on Saturday policy makers are closely watching the impact of looser monetary policy on crude-oil prices. Along with the European Central Bank and the U.S. Federal Reserve, the Bank of Japan is taking unconventional steps to boost the economy.
Bank of Japan Governor Masaaki Shirakawa said on Saturday policymakers are closely watching the impact of looser monetary policy on oil prices.
The world's major emerging economies on Saturday rejected the tradition that an American automatically is selected to head the World Bank and they will look at putting forward their own candidate for the open job.
MEXICO CITY, Reuters (Feb 25) - The United States did not openly call for a release of countries' strategic oil reserves during Group of 20 meetings this weekend, Group of 20 sources said on Saturday.
As Kingfisher Airlines careens toward collapse, the Indian government finds itself between a rock and a hard place.
The U.S. Securities and Exchange Commission has launched a probe into the ties between stock exchanges and certain electronic trading firms, the Wall Street Journal reported on Saturday, citing people familiar with the matter.
A meeting of BRICS major emerging countries discussed the selection process of the next head of the World Bank and emphasized it should be open to all countries, rejecting the tradition that the job automatically goes to an American, a senior BRIC official said on Saturday.
A planned U.S. ban on banks trading for their own profit could hamper monetary policy and the ability of financial firms to manage risk unless foreign government debt is exempted, a top Citigroup executive said on Saturday.
Warren Buffett told investors on Saturday the Berkshire Hathaway board has identified his successor, easing some shareholder concern about the future of the company once the famed 81-year-old investor steps down as chief executive.
Greece formally launched a bond swap offer to private holders of its bonds on Friday, setting in motion the largest-ever sovereign debt restructuring in the hope of getting its messy finances back on track.
World economic powers told Europe on Friday it would have to do more to fight its financial crisis before they agree to provide back-up in the form of a bigger IMF war-chest.
Iran has the largest Jewish community in the Middle East outside of Israel.
The youth vote is often assumed to go more to Democrats than to Republicans, but an impressive number of young conservatives made the trek to Washington in mid-February for the Conservative Political Action Conference -- more than one-half of the attendees were between 18 and 29 years of age.
