uk.IBTimes.com : Finance

US bank regulators roll fines into mortgage pact

Thu, 09 Feb 2012 13:56:05 +0000

U.S. banking regulators are using the agreement announced on Thursday between large U.S. banks and state and federal agencies over foreclosure abuses as a vehicle for levying their own fines on banks for problems in their mortgage servicing businesses.

IMF, Greece continue talks to finalize bailout

Thu, 09 Feb 2012 13:49:07 +0000

The International Monetary Fund and Greek authorities continue talks to finalize details of a new rescue package following an agreement among the country's political leaders, an IMF spokesman said on Thursday.

Bank regulators roll fines into mortgage pact

Thu, 09 Feb 2012 13:42:14 +0000

Troika inspectors gear up for Portugal bailout review

Thu, 09 Feb 2012 13:42:11 +0000

Debt-ridden Portugal's international lenders will next week begin assessing the country's compliance with the terms of its 78-billion euro bailout, against a backdrop of concerns it may eventually have to sign up for a second rescue package.

Jobless claims drop brightens labor market picture

Thu, 09 Feb 2012 13:42:09 +0000

The number of Americans signing up for unemployment benefits unexpectedly fell last week, the latest sign of recovery in the labor market.

German Bundestag parties to meet on Greece Friday

Thu, 09 Feb 2012 13:28:05 +0000

German Chancellor Angela Merkel will meet with parliamentary floor leaders on Friday to discuss Greece's bailout after euro zone ministers meet in Brussels later on Thursday, parliamentary sources said.

Highlights - Euro zone finance ministers meet on Greece

Thu, 09 Feb 2012 13:21:07 +0000

Euro zone finance ministers and officials meet on Thursday to discuss a second financial bailout package for Greece, after leaders in Athens clinched a long-stalled deal on reforms and austerity measures.

India's Tata Steel posts first quarterly loss in 2 years

Thu, 09 Feb 2012 13:14:11 +0000

India's Tata Steel , the world's No.7 steelmaker, posted an unexpected quarterly loss, its first in more than two years, as higher raw material costs and weak demand in Europe hurt margins.

FTSE ends up on Greek deal hopes, BG

Thu, 09 Feb 2012 12:42:07 +0000

The FTSE closed modestly higher on Thursday, supported by oil and banking stocks after BG Group reported strong results and Greece moved closer to securing a bailout package that will avert a chaotic default.

Pressure mounts on banks to shed bad property loans

Thu, 09 Feb 2012 12:28:08 +0000

Europe's banks face growing pressure to offload bad property debt as the economic outlook worsens, capital rules get tougher and private equity firms take a hard-headed approach to the value of loan books bought from lenders like Royal Bank of Scotland.

Exclusive: U.S. squeezes French-led satellite maker over China

Thu, 09 Feb 2012 12:14:08 +0000

The United States has threatened action that could disrupt a French-led satellite maker's supply chain, spurred by suspicion that it illegally used U.S. know-how or parts in spacecraft launched by Chinese rockets.

MF Global judge to examine insurance for ex-execs

Thu, 09 Feb 2012 12:14:07 +0000

The U.S. judge overseeing MF Global's bankruptcy plans a closer review before deciding whether any of an estimated $190 million (119 million pounds) of insurance coverage for former company executives should instead go to customers.

Cross-border payment body SWIFT resists Iran precedent

Thu, 09 Feb 2012 12:00:16 +0000

The organisation that facilitates the bulk of the world's cross-border payments is facing growing U.S. pressure to do what it has never done before - cut a country off from its global messaging system.

Hightlights - Draghi comments at ECB news conference

Thu, 09 Feb 2012 12:00:16 +0000

Following are comments by European Central Bank President Mario Draghi at a news conference after the bank kept its benchmark interest rate at 1 percent on Thursday.

New 367 MW offshore wind farm opens in UK

Thu, 09 Feb 2012 12:00:15 +0000

A new 367 megawatt offshore wind farm opened off the Cumbrian coast in Britain on Thursday and will supply up to 320,000 households with renewable power a year, the companies behind the project said.

ECB opens door to indirect Greece aid

Thu, 09 Feb 2012 11:49:05 +0000

European Central Bank President Mario Draghi opened the door on Thursday to helping Athens indirectly after Greek politicians finally signed up to an austerity package following days of dither and delay.

U.S. jobless claims brighten labor market picture

Thu, 09 Feb 2012 11:42:08 +0000

The number of Americans filing new applications for unemployment benefits unexpectedly fell last week, suggesting recent gains in employment are being sustained.

UBS denies helping U.S. in tax probes of other banks

Thu, 09 Feb 2012 11:21:05 +0000

Swiss bank UBS sought to distance itself from a U.S. investigation of rival Swiss private banks on Thursday, saying that it did not hand over data on rival banks directly to U.S. officials when it settled a U.S. crackdown on taxpayers holding secret offshore accounts two years ago.

PepsiCo's plan fails to quench market's thirst

Thu, 09 Feb 2012 10:56:10 +0000

PepsiCo Inc forecast lower-than-expected 2012 earnings in a "transition year" in which it said it would cut thousands of jobs to save money and increase advertising to reinvigorate sales in North America.

U.S. reaches mortgage settlement with top banks

Thu, 09 Feb 2012 10:56:08 +0000

The biggest U.S. banks will provide about $25 billion in relief to distressed homeowners, as state and federal officials hold lenders responsible for taking illegal shortcuts during foreclosures and for other deceptive practices.

Highlights - Draghi comments at ECB news conference

Thu, 09 Feb 2012 10:49:12 +0000

Following are comments by European Central Bank President Mario Draghi at a news conference after the bank kept its benchmark interest rate at 1 percent on Thursday.

U.S. seals mortgage settlement with top banks

Thu, 09 Feb 2012 10:49:09 +0000

The U.S. government said on Thursday that the biggest U.S. banks will provide $25 billion in relief to distressed homeowners and states, as officials hold lenders responsible for taking illegal shortcuts during foreclosures and other mortgage paperwork.

Jobless claims fall, four-week average near four-year low

Thu, 09 Feb 2012 10:42:10 +0000

New claims for unemployment benefits unexpectedly fell last week, a government report showed on Thursday, further evidence the labor market was gaining traction.

Oracle to buy Taleo for $1.9 billion

Thu, 09 Feb 2012 10:35:12 +0000

Oracle Corp said it will buy recruitment software maker Taleo Corp for about $1.9 billion, as it expands its portfolio of cloud-based software.

Bank of England pumps more cash into economy to support recovery

Thu, 09 Feb 2012 10:28:06 +0000

The Bank of England voted to inject more cash into the economy to shore up a fragile recovery and shield the country from fallout from the unresolved euro zone debt crisis.

Xstrata boss faces pressure for better deal

Thu, 09 Feb 2012 10:21:07 +0000

Xstrata Chief Executive Mick Davis is facing growing pressure from shareholders to secure a better deal in the miner's $41 billion (25 billion pounds) takeover by Glencore, as he begins a transatlantic trip that could secure or sink the tie-up.

Ending child marriage can boost India's rise - Tutu

Thu, 09 Feb 2012 10:14:08 +0000

India's development is being slowed by discriminatory practices against women such as child marriage, which stifle their potential to contribute to growth, South African peace campaigner Archbishop Desmond Tutu said.

Cuts drive Greek unemployment to record high

Thu, 09 Feb 2012 10:14:07 +0000

Greece's jobless rate rose to a fresh record of 20.9 percent in November, highlighting the pain imposed by austerity on ordinary Greeks as the country negotiates a new pain-for-gain package with its EU and IMF lenders.

Spain's crusading Judge Garzon disbarred for 11 years

Thu, 09 Feb 2012 09:42:08 +0000

Spain's Supreme Court disbarred Judge Baltasar Garzon for 11 years on Thursday for illegally tapping defence lawyers' conversations, which may effectively end his career of international human rights trials.

Investment bank slump tips C.Suisse to Q4 loss

Thu, 09 Feb 2012 09:42:05 +0000

Credit Suisse posted a surprise fourth-quarter net loss as business at its investment bank slumped and it took almost 1 billion Swiss francs ($1.1 billion) of charges for slashing costs and risky assets to meet tough new capital rules.