Asian shares rose on Thursday and European equities were expected to follow as solid manufacturing surveys in the United States and China fed optimism that the global growth slowdown may have turned a corner, while the euro was underpinned by hopes for aid for Greece. The euro rebounded to a two-week high against the dollar
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The European Central Bank said on Wednesday it was satisfied with a plan to recapitalise Greek banks, a key part of the debt-laden country's international bailout. Athens unveiled earlier this month long-awaited details of the bailout-funded 50 billion euro scheme to replenish the capital of its ailing lenders. Greek banks' capital was nearly wiped out
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Citigroup Inc is to shut almost half its branch network in Greece, where retail banking activity has dried up because of the country's debt crisis. Citi, the last major international bank with a countrywide presence in Greece, will cut its network to 21 branches from 37 by shutting all branches outside Athens and Thessaloniki, it
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Germany's Angela Merkel came under fire from opposition parties on Wednesday after failing to clinch a financing deal for Greece, with her main rival threatening to withdraw support for her euro policies and delay a budget vote in parliament. The exchange between Social Democrat (SPD) challenger Peer Steinbrueck and the chancellor was one of the
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Formula One boss Bernie Ecclestone said he plans to contest a $650 million damages claim filed in New York, the latest legal case to stem from the sale of the motor racing series in 2005. Investment firm Bluewaters Communications Holdings filed the lawsuit at New York State Supreme Court last week, naming Formula One commercial
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Greece's debt cannot be cut to 120 percent of GDP by 2020, the level deemed sustainable by the IMF, unless euro zone member states write off a portion of their loans to Greece, a document prepared for euro zone finance ministers shows. The 15-page document, circulated among ministers, the European Central Bank and the IMF
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The Cyprus government political negotiating team submitted Tuesday night a compromise proposal to the Troika (IMF, EU, ECB) aimed at breaking the deadlock in the negotiations with its international lenders on the terms of an EU rescue package agreement. The proposal was submitted by the Finance Minister Vasos Shiarly. The Cypriot negotiating team comprising Ministers
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Deutsche Bank, Germany's largest bank, expects the euro zone to remain intact and its slow pace of recovery to create opportunities for outside investors, its co-chief executive said on Wednesday. Deutsche Bank AG's Anshu Jain told business leaders in Dubai that the chances of a country leaving the single currency bloc had diminished. Fears of
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India executed the lone survivor of a Pakistan-based militant squad on Wednesday, just days before the fourth anniversary of an attack that killed 166 people in a rampage through the financial capital Mumbai. Pakistan national Mohammad Ajmal Kasab was the enduring image of the bloody assault, which traumatised India and raised fears of copycat attacks
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A tentative plan to further restructure Greek bonds owned by private investors risks undermining the euro zone's credibility, a senior bank industry representative said on Tuesday. The Institute of International Finance (IIF), which helped coordinate a large writedown of Greek bonds owned by banks and pension funds earlier this year, said any further effort to
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