Piraeus Bank's third-quarter profit grew 12.5 percent year-on-year, above forecasts, with the bank's chairman expecting loan growth to slow in the fourth quarter because of adverse market conditions. Kicking off the reporting season for Greek banks, Piraeus posted a net profit of 157.3 mln euros in the third quarter versus an average forecast of 138
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Wall Street opened higher on the first relatively calm Monday in a month amid signs banks were lending to each other again, an indication of hope the world's financial crisis may be easing. European banks prepared to make use of state rescue packages, helping shares rise by more than 2 percent, and U.S. stocks climbed
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U.S. Federal Reserve Chairman Ben Bernanke told Congress on Monday that another wave of government spending may be needed as the economy limps through what could be an extended period of subpar growth. "With the economy likely to be weak for several quarters, and with some risk of a protracted slowdown, consideration of a fiscal
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Twenty million jobs will disappear by the end of next year as a result of the impact of the financial crisis on the global economy, a United Nations agency said on Monday. Construction, real estate, financial services, and the auto sector are most likely to be hit, according to the International Labour Organisation's (ILO) estimate,
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A British motorcyclist who posted footage of himself performing dangerous stunts and speeding at up to 130 mph (209 kph) on YouTube was given a 12-week jail term on Monday. Sandor Ferenci, 28, performed wheelies, skids and raced on the opposite side of the road around Banbury, Oxfordshire, in June this year and then put
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Banks have been encouraged to grow faster than was sustainable and the bonus system rewarding bankers has encouraged "excessive risk taking", which may have contributed to the financial crisis, the chairman of HSBC said. "The market and industry will need to consider whether badly aligned incentives have contributed to the crisis," HSBC Chairman Stephen Green
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Following are the latest measures taken by governments to limit damage from the global financial crisis: * ITALY – Italy said it was readying a new plan to guarantee the debts of companies in distress, an Italian newspaper said. Under the plan, the Italian state will guarantee the loans of troubled companies that are unable
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European shares rose in midday trade on Monday, rallying for a second day, as oil and utility stocks led the charge buoyed by a rise in crude prices and as several banks gained ground. At 1225 GMT, the FTSEurofirst 300 index of top European shares was up 2.1 percent at 913.98 points. The index gained
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Oil rose on Monday, supported by expectations OPEC may cut output this week to boost prices that have fallen more than 50 percent in just three months from a record high above $147 a barrel. U.S. crude for November delivery was up $1.75 at $73.60 a barrel by 0925 GMT. The contract settled $2 higher
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European banks lined up on Monday to tap state rescue packages to shore up their finances, part of measures to stem a global crisis that have begun to restore trust between institutions. The rate banks charge each other for dollar loans fell, suggesting that confidence in dealing with other lenders was returning to the market.
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