Moody’s downgrades Ireland, outlook stable
Moody’s has downgraded Ireland’s sovereign bond rating by one notch to Aa2, citing weaker growth prospects and the high costs of rebuilding the country’s crisis-hit banking system. The rating agency, which cut Ireland from Aa1, said the outlook was stable. The move, which put Moody’s on par with rival agency Standard and Poor’s AA rating […]
AgBank closes mega IPO with tepid HK debut
Agricultural Bank of China’s $19.3bn IPO crossed the finish line on July 16 after a hectic three-month sprint, notching up modest gains in its Hong Kong debut amid concerns about valuations and glut of bank share sales. Industrial & Commercial Bank of China and Bank of China both soared 15 percent on their Hong Kong […]
Economists
The tarnished Alan GreenspanArchitect of the now much-derided “Greenspan put”, he protected the US economy from the collapse of the dotcom stock market bubble by dropping official interest rates. However that action is also seen as fuelling the risk-taking that preceded the most severe financial meltdown in 75 years. The global Jeffrey WilliamsonAn authority on […]
Russia and Germany pledge closer economic ties
Russia and Germany have pledged to strengthen economic ties as Russian President Dmitry Medvedev called Europe’s largest economy Moscow’s “key partner” for the future. German Chancellor Angela Merkel said relations between the two states had taken a stride forward as she led a delegation of business leaders on a tour of Russia, China and Kazakhstan. […]
Ukraine bows to IMF demands, raises gas prices
Ukraine, bowing to pressure from the IMF ahead of a new loan deal, will take the painful step of raising gas prices for households from August, the government has announced. Prime Minister Mykola Azarov said the 50 percent price hike, an unpopular move aimed at cutting the budget deficit, was necessary to secure a new […]
Total recall
It is every manufacturer’s worst nightmare – the product that the company has spent millions developing, producing, marketing and shipping all around the world may have a fault. There is a risk that some of the products – maybe a few, perhaps many – could be harmful. The company faces a stark choice: voluntarily pull […]
Japan signals tax reform, seeks to avoid deadlock
Japan’s government has announced it will press on with tax reforms to cut a huge public debt despite a stunning election setback, and was looking to two opposition parties to help drive policy change. Prime Minister Naoto Kan’s ruling coalition lost its upper house majority in a weekend election, putting his policies to deal with […]
Santander to buy SEB’s German retail banking unit
Spain’s largest bank Santander moved one step closer to its goal to be a full service retail bank in Germany with the acquisition of Sweden’s SEB retail banking division, the bank has announced. The Ä555m ($699.1m) deal comes as Santander attempts to increase its footprint in both Europe, particularly Germany and Britain, as well as […]
ECB’s Trichet: budget cuts won’t lead to new slump
ECB President Jean-Claude Trichet dismissed warnings that drastic and simultaneous spending cuts planned by eurozone governments could send the 16-country bloc back into recession. US policymakers have called for continued stimulus to keep momentum in the global recovery, while many economists and academics have raised fears that austerity measures on the cards in Athens and […]
Japan machinery orders slide on economy doubts
Japanese machinery orders tumbled by the most in almost two years in May as companies grew more cautious about the business outlook due to a rising yen and signs of a global economic slowdown. Bank lending in June also fell, matching the biggest annual decline in almost five years, as demand from companies for funds […]
