Author Archive: Jeremy Parkinson
IMF says swift action is needed to steady Europe’s banks
A quick recapitalisation of European banks is necessary to steady markets and avert the economy from falling into another recession, IMF Europe Director, Antonio Borges, said late on Wednesday. The price tag for such a move was estimated in the range between €100bn and €200bn, he said. According to the IMF report, the eurozone debt […]
India’s growth dips to two-year low 6.9 percent
India’s economy in the July to September quarter expanded at its slowest pace in over two years to 6.9 percent year-on-year compared to 8.4 percent for the same period last year. Data released Wednesday by the Central Statistics Office showed that manufacturing experienced a sharp decline, growing only 2.7 percent, while mining contracted by 2.9 […]
Fitch cuts US credit outlook to negative
Fitch Ratings late on Monday warned the US it may cut its AAA rating if policymakers failed to agree on a “credible plan” to reduce its swelling budget deficit by 2013. There is a “slightly greater than 50 percent chance of a downgrade over a two year horizon,” said Fitch. The ratings agency downgraded the […]
Britain’s FTSE hits worst losing streak in nine years
Britain’s blue-chip ended lower for the ninth consecutive session on Thursday, marking its worst run since January 2003, after Germany reiterated its opposition to the use of euro bonds or monetary tools to help solve the eurozone’s debt crisis. Following a meeting with the leaders of France and Italy, German chancellor, Angela Merkel, quashed market […]
Nokia Siemens to cut 17,000 jobs worldwide
Telecoms equipment giant Nokia Siemens Networks has said it will be shedding 17,000 staff globally in an attempt to bolster profitability in a stagnating network gear market. The company plans to cut a quarter of its workforce by the end of 2013 in a restructuring that will allow it to focus in mobile broadband equipment. […]
Stocks fall on US and Spain woes
Stocks in early trading in Asia slumped on Wednesday after a downward revision of US economic growth in the third quarter and rising yields on Spanish bonds. The US economy grew at a two percent annual rate, 0.5 percent less than its initial estimate, the Commerce Department said. Meanwhile, higher borrowing costs in Spain triggered […]
Moodys downgrade South African debt rating
The South African rand dropped sharply against the USD and bonds depreciated as Moody’s Investor Services announced its intention to reduce its outlook on the country’s sovereign debt rating. The rating agency cited growth and deficit concerns as reasons for the decision. Moody’s reduced the outlook from ‘stable’; South African debt is rated as BBB+ […]
Moody’s downgrade South African debt rating
The South African rand dropped sharply against the USD and bonds depreciated as Moody’s Investor Services announced its intention to reduce its outlook on the country’s sovereign debt rating. The rating agency cited growth and deficit concerns as reasons for the decision. Moody’s reduced the outlook from ‘stable’; South African debt is rated as BBB+ […]
Palestinian Authority’s reliance on US to be stretched
For several months, measures to reduce aid to the Palestinian Authority have been on the minds of many lawmakers in the United States. In August, the measures were actually implemented, effectively cutting off roughly $200m in aid to the PA. In addition, measures were also put in place to freeze the distribution of a further […]
Syria and Turkey continue at loggerheads
While there has been a degree of strain in relations between Syria and Turkey for decades, recent events have created additional stress on an already tenuous relationship. Thanks to Turkish support of a change in the current regime leading Syria, a great deal of unrest has been added to the situation. While, at one point, […]
