The onus is on governments to ensure financial market troubles do not develop into a full blown sovereign debt crisis, European Central Bank Executive Board member Juergen Stark said on Wednesday. In a speech given in Berlin in the wake of Greece's recent request for euro zone and IMF aid, Stark sent a fresh warning
More
The premium investors demand to hold 10-year Greek government bonds rather than benchmark German Bunds topped 10 percentage points on Wednesday as investors fretted over Greece's rating downgrade the previous day. The Greek/German bond yield spread was at 1,021 basis points, compared with 690 basis points at the European settlement close on Tuesday. The 10-year
More
The motivation behind the Greek aid package is to ensure wider financial stability, not to bail out Greece, Axel Weber, one of the European Central Bank's top policymakers said on Wednesday. "The motive for preparing support measures is to secure financial stability and not help for Greece, which got itself into this difficult situation," Weber
More
The euro tumbled to a one-year low against the dollar and Asian stocks fell as cuts in Greece and Portugal's credit ratings set off a flight to safety on fears that the euro zone's debt problems are spreading. Oil fell below $82 and metals prices were hit after ratings agency Standard & Poor's slashed the
More
Euro zone government bonds held near highs hit the previous session on Wednesday after rating downgrades of Greece and Portugal raised fears euro zone debt problems are spreading, causing a wide repricing of sovereign credit risk. Standard & Poor's cut Greece's sovereign credit ratings to "junk" status on Tuesday and downgraded Portugal's ratings to A-minus,
More
Greek banks stocks tumbled more than 11 percent on Tuesday, heading for the biggest one-day drop in years, on concerns that Germany could be an obstacle to providing financial aid to Greece. "There is uncertainty about when and how the aid mechanism will be activated," said Takis Zamanis, Athens-based trader at Beta Securities.Nikos Galoussis, Athens-based
More
United Parcel Service, the world's largest package delivery service, reported sharply higher first-quarter earnings on Tuesday and confirmed its outlook for the year. UPS posted profit of $533 million, or 53 cents per share, compared with $401 million, or 40 cents per share, a year earlier. Revenue rose 7 percent to $11.7 billion, driven by
More
Nokia Oyj unveiled details of its first phone with new Symbian 3 software on Tuesday, designed to challenge the iPhone and Blackberry at the high-end of the market. Last week Nokia cut its profit outlook and delayed the sales launch of Symbian 3 phones until the third quarter — sending its shares sharply lower. The
More
Police broke into a blogger's home in search of photographs of a prototype Apple iPhone and other material, launching a felony investigation, gadget site Gizmodo and prosecutors said on Monday. Gawker Media-owned gizmodo.com, a popular consumer gadgets site, said last week it paid $5,000 for a prototype next-generation iPhone purportedly left in a Silicon Valley
More
Deutsche Bank (DBKGn.DE) faces a U.S. class-action lawsuit over mortgage-related securities it helped arrange, Germany's biggest lender said in its first-quarter report. But it tried to distance itself from a whirlwind sweeping Wall Street rival Goldman Sachs (GS.N) by revealing it had not been informed by the U.S. Securities and Exchange Commission (SEC) of any
More