February 04, 2012 -- Updated September 21, 2011 02:52 HKT
Credit
Ireland Falls Victim to Austerity
Ireland outlines EUR1.4-B cut in recurrent spending for Y 2012 Ireland’s Minister for Public Expenditure and Reform Brendan Howlin announced Monday the government will reduce recurrent expenditure by EUR1.4-B next year. In an address to parliament, Mr. Howlin said the government was taking “very difficult decisions” that were required to protect the “long-term and strategic [...]
Retailers and Bankers at Odds in Australia
Australian retailers want banks to pass on rate cut to consumers The Australian National Retailers Association (ANRA), representing the Country’s leading retailers, Tuesday urged Australia’s banks to pass on the full rate cut by the central bank to boost consumers spending during the Christmas Season. The Reserve Bank of Australia (RBA) Tuesday announced its decision [...]
US consumer credit dives 4.6%
US consumer credit dives 4.6% in August US consumer credit decreased at an annual rate of 4.6% in August, the largest monthly drop in 16, which indicates a struggling economic recovery, according to the US Federal Reserve Friday. Total borrowing in August dropped to US$2444.9-B from the revised figure of US$2454.4-B in July. The US [...]
Unity Lacking in the European Union
Merkel and Barroso stress EU solidarity to stem crisis German Chancellor Angela Merkel and European Commission President Jose Manuel Barroso Wednesday urged more solidarity and co-ordination at the EU level amid efforts to contain the worsening debt crisis in the EuroZone. After Ms. Merkel’s visit to the commission, the heads of the EU’s paymaster and [...]
US Jobs Data
US jobless claims down below 400,000 threshold The number of US workers initially applying for unemployment aid last week dropped below the threshold of 400,000 for the first time since August 6, the US Labor Department reported Thursday. The department said the advance figure for seasonally adjusted initial claims for jobless benefits was 391,000 last [...]
Eastman Kodak Co. (NYSE:EK) Debt Issues
Kodak drew US$160-M from Credit Line EK, CMA The cost to protect Eastman Kodak Co. (NYSE:EK)’s debt from default rose to the highest level in more than a month after the 131 anni camera maker drew down US$160-M from its revolving bank credit line. Credit-default swaps linked to the Company rose 2.2 percentage points to [...]
Anatomy of The Weeks Sell Off
Anatomy of The Weeks Sell Off Red’s Bull Trader Alert: The primary trigger for the rebound Friday came from EU policymakers suggesting additional steps will be taken to support Europe’s financial system. Ewald Nowotny, European Central Bank Governing Council member, said it might be advisable for the ECB to add more liquidity into the banking [...]
Crisis in Greece Brings More Cuts
Greece announced on Wednesday evening a fresh package of austerity measures to weather the debt crisis that threatens the EuroZone country with default. Up to 30,000 civil servants will be dismissed by the end of Y 2011 through a labor reserve program, according to a statement following a marathon cabinet meeting chaired by Prime Minister [...]
China Will be Recognized as a Market Economy
The European debt crisis may lead to increased trade friction and hurt China’s exports, Shen Danyang, Ministry of Commerce spokesman, said Tuesday. Recent months have seen an increase in European Union (EU) trade remedy cases targeting China. In mid-September the EU imposed anti-dumping duties ranging from 26.3 to 69.7% on imports of ceramic tiles from [...]
Greece Economic Outlook
Greek Finance Minister Evangelos Venizelos made “good progress” in the 2nd round of talks with the European Union (EU) and International Monetary Fund (IMF) aimed at staving off default, the EU said. The telephone meeting late Tuesday, which followed discussions on Monday, were intended to dampen concerns that Greece may miss deficit-reduction targets required to [...]
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