U.S. stocks opened slightly lower on Friday after a brief suspension in the trading of some big Italian banks raised new concerns about the European debt crisis, though better-than-expected durable goods orders kept losses limited. The Dow Jones industrial average was down 11.89 points, or 0.10%, at 12,038.11. The Standard & Poor's 500 Index was
More
EU leaders appointed Italy's Mario Draghi as the next president of the European Central Bank on Friday and another Italian on the ECB's executive board agreed to step down to smooth the process, EU sources said. In draft conclusions agreed at a summit in Brussels, EU leaders "appointed Mr Mario Draghi president of the European
More
European shares bounced back on Friday from three-month closing lows, with investor risk appetite rising on expectations Greece could avoid a default after international agencies gave their go-ahead for a five-year austerity plan. The Euro STOXX 50 volatility index , one of Europe's main barometers of sentiment, fell more than 9%, indicating an increase in
More
The National Bank of Greece, the country’s largest lender, expects non-performing loans to peak this year and will sell a 20% stake in its Turkish unit Finansbank as soon as market conditions allow, its CEO said. Finansbank helped NBG grow first-quarter earnings by 39% despite a deep economic slump at home, and the sale of
More
Greece's conservative opposition has maintained a lead over the ruling Socialists, with three quarters of Greeks opposed to a new government austerity package aimed at avoiding default, an opinion poll showed on Friday. The government has been forced to come up with new five-year austerity measures, which are set for a crucial vote in parliament
More
German business sentiment rose for the first time in four months in June, bucking expectations for a drop and showing the economy still growing strongly in comparison with struggling European peers. The Munich-based Ifo think tank said its business climate index, based on a monthly survey of some 7,000 firms, rose to 114.5 in June
More
German debt fell on Friday after Greece won a commitment for more international aid in return for further austerity, but uncertainty over Greece's ability to avoid default should keep bonds underpinned. After a day of wrangling in Athens, new Finance Minister Evangelos Venizelos clinched a deal with EU and IMF inspectors on extra tax rises
More
Demand for art, watches, rare wines, vintage cars and other offbeat investments that set pulses racing expanded in 2010 as wealth levels of the world's super-rich rebounded from the financial crisis, a report said. "The value of many categories of investments of passion rose and HNWIs (high net-worth individuals) made acquisitions for the aesthetic and
More
Investors are sceptical about a proposal by Britain's deputy prime minister to give every UK voter shares in the country's state-owned banks, saying the plan would be difficult to execute and could be counter-productive. Deputy Prime Minister Nick Clegg, who heads the Liberal Democrat junior party in the coalition government, said he wanted to create
More
Ukraine's state security service on Thursday said it had broken up an international hacking ring that infiltrated foreign banks' computer networks and stole $72 mln. The hacker group, organised and led by Ukrainians, used a computer virus to access bank accounts abroad, the SBU security agency said. "According to preliminary estimates, damage to bank customers'
More