US foreclosures drop in Jan but more loom
US mortgage foreclosure filings dropped in January but the decline may prove only temporary as housing-rescue efforts fall short of addressing current drivers, a report released on Thursday showed. Foreclosures are by far one of the biggest threats to the US housing market, which remains highly vulnerable to setbacks and heavily reliant on government intervention. […]
EU assembly rejects US bank data deal
A nine-month interim agreement went into force provisionally at the start of February but deputies from the assembly’s Liberal, Socialist and Green groups opposed it on the grounds it failed to protect the privacy of EU citizens. Washington will now have to seek other ways to access information on money transfers in Europe until it […]
Charges added in Rajaratnam insider trading case
Additional criminal charges have been filed against Galleon hedge fund founder Raj Rajaratnam as prosecutors alleged he and his co-defendant reaped $49m from illegal insider trading, up from an earlier claim of $40m. In the parallel civil case against Rajaratnam and co-defendant Danielle Chiesi, a judge ordered the two defendants to turn over wiretaps to […]
ArcelorMittal sees only slow steel recovery in Q1
The firm, which has about eight percent of the global market and capacity some three times greater than nearest rival Nippon Steel, said it expected core profit or EBITDA (earnings before interest, tax, depreciation and amortisation) of between $1.8 and $2.2bn in the first quarter. The figure compared with an average forecast in a Reuters […]
Crisis restrictions in trade
But measures to support troubled institutions will need to be unwound carefully to avoid distorting competition, the WTO said in a restricted report to members, dated February 3. “The financial crisis does not seem to have prompted a widespread introduction of trade restrictions in financial services,” said the report by the WTO secretariat, prepared at […]
ECB Trichet departure sparks Greece rescue talk
European Central Bank President Jean-Claude Trichet is cutting short a trip to Australia to attend a special EU summit, prompting market speculation initiatives are in the works to help resolve Greece’s debt problems. EU heads of state are due to meet this week in Brussels for a special summit on the economy under pressure to […]
CIT hires new CEO
CIT Group Inc has hired former Merrill Lynch CEO John Thain as its new chief executive, the commercial lender said in early February, wagering that the well-traveled executive can guide its post-bankruptcy turnaround. Thain, 54, immediately replaces interim CEO Peter Tobin, who will remain a director. Former CIT chief Jeff Peek, another past Merrill executive, […]
Nakamura rebuffs government pressure over deflation
Bank of Japan policy board member Seiji Nakamura rebuffed government pressure for more BOJ action to fight deflation, saying that pumping liquidity into the financial system alone will not put an end to debilitating price falls. The heavily indebted government fears deflation and a strong yen could push Japan back into recession in the run-up […]
Irish services contraction fastest in six months
Ireland’s services sector shrank by its fastest rate in six months in January, when a marked fall in new orders indicated that unusually bad weather was not solely to blame, a survey showed this week. The NCB Purchasing Managers’ Index fell to 44.4 from 48.3 in December, when it had reached a level last equalled […]
West eyes Iran central bank
Western powers have called for a fourth round of UN measures against Iran for refusing to halt uranium enrichment activities as demanded by five Security Council resolutions. Iran insists it has a sovereign right to produce nuclear fuel for what it says is a peaceful civilian atomic energy programme. The west fears Tehran’s programme is […]
