Asian stocks fell on Tuesday, with Japan's Nikkei sinking to a near 4-month closing low, while the U.S. dollar surged as investors scrambled for safety from deteriorating global economic conditions and volatile banks. Major European stocks were expected to open as much as 0.4 percent lower, financial bookmakers said, after Moody's Investors Service warned severe
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KPMG Corporate Finance's Global M&A Predictor forecasts that 2009 will see a continued fall in global mergers and acquisitions (M&A) but that deal activity should slowly return late in the year as liquidity improves and attractive value is recognised in certain sectors. KPMG Corporate Finance’s Global M&A Predictor forecasts that 2009 will see a continued
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By Krisztina Than and Balazs Koranyi Hungary will raise the main value-added tax rate to 23 percent from 20 from July to create room to cut taxes on labour, aiming to boost the ailing economy, Prime Minister Ferenc Gyurcsany told Reuters on Monday. The measures, which also include significant changes in the social and pension
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The Cyprus government submitted the Stability Programme 2008-2012 (SP) to the European Commission, the main feature of which is that after several years of running surpluses, the government is now forecasting that the budget will be in deficit. According to the SP, the government aims to promote growth and strengthen social cohesion (via redirecting resources
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U.S. oil prices climbed above $38 a barrel on Monday after the International Energy Agency (IEA) said there could be an oil market supply crunch from next year once global oil demand begins to recover. The IEA warning gave upward momentum to a market undermined by a raft of bearish economic data from Asia. Japan's
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The dollar hit a two-month high on a trade-weighed basis on Monday as global recession fears encouraged buying of safer assets, while the yen rose versus the euro as a G7 meeting omitted mention of the currency's strength. Both the dollar and the yen gained due to their perceived safe-haven status as data showing Japan's
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Lloyds Banking Group Plc shares tumbled over 20 percent on Monday as a backlash against its takeover of HBOS built after Friday's profit warning revived concerns it may need more state funds or be fully nationalised. By 0950 GMT, Lloyds shares were down 4.9 percent at 58.4 pence after falling as low as 48p. The
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European shares fell on Monday in thin trading, led by financial stocks, on persistent concerns that more help for banks and more coordinated economic stimulus packages would be needed to address the global financial crisis. Shares in British bank Lloyds were down 5.4 percent, adding to Friday's slide of more than 30 percent on the
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Hungary will raise the main value-added tax rate to 23 percent from 20 from July to create room to cut taxes on labour, aiming to boost the ailing economy, Prime Minister Ferenc Gyurcsany told Reuters on Monday. The measures, which also include significant changes in the social and pension system, could allow the country to
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President Barack Obama has decided to launch a government task force for restructuring the struggling U.S. auto industry instead of naming a "car czar" with sweeping powers, a senior administration official said on Sunday. Obama is appointing Treasury Secretary Timothy Geithner as his "designee" for overseeing auto bailout loans and as co-head of the new
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