The European Commission (EC) today backed Greece’s plan to reduce its budget deficit but also began proceedings against the country for allegedly reporting faulty statistics.
While the EC has approved Greece’s proposal, it said the country must make further adjustments and its progress by mid March with a timetable for the implementation of its austerity programme. Continue reading »
European and American stock markets plunged yesterday as investors took fright over the difficulties in debt-ridden countries such as Greece and Portugal and fears mounted over the health of the world’s biggest economy.
There were concerns that Greece may not meet its tough budget plans as workers started the first in a wave of strikes, prompting worries that Spain, Portugal and the Irish Republic may also struggle to cut their soaring debts. In a sign of the scale of the problems, a gauge of the perceived credit risk of Western European nations overtook that of the most stable US companies for the first time. Continue reading »
HONG KONG (MarketWatch) — Hong Kong shares opened to a sea of red ink on Friday, with banks and resources stocks suffering sharp losses after a sell-off on Wall Street and amid worries about sovereign debt in Europe. The Hang Seng Index lost 2.8% down at 19,766.28 and the Hang Seng China Enterprises Index shed 3.4% at 11,216.38. Hong Kong Electric Holdings Ltd. /quotes/comstock/22h!e:6 (HK:6 43.05, +0.10, +0.23%) /quotes/comstock/11i!hgkgy (HGKG.Y 5.48, -0.04, -0.72%) was the only Hang Seng Index constituent in the positive, rising 0.4%. Heavyweight HSBC Holdings Plc. /quotes/comstock/22h!e:5 (HK:5 81.00, -2.85, -3.40%) /quotes/comstock/13*!hbc/quotes/nls/hbc (HBC 51.63, -0.16, -0.31%) sank 3.8%, with Aluminum Corp. of China Ltd. /quotes/comstock/22h!e:2600 (HK:2600 7.41, -0.46, -5.84%) /quotes/comstock/13*!ach/quotes/nls/ach (ACH 24.02, -0.01, -0.04%) slumping 6% and China Shenhua Energy Co. Ltd. /quotes/comstock/22h!e:1088 (HK:1088 31.35, -1.55, -4.71%) /quotes/comstock/11i!csua.y (CSUA.Y 41.40, -1.55, -3.61%) dropping 4.7%. China’s Shanghai Composite gave up 2% to 2,934.06. MarketWatch
SINGAPORE (MarketWatch) — Asian equity markets tumbled Friday, dragged by sharp losses in Wall Street Thursday as heightened concerns over European debt hurt demand.
Risk aversion was the order of the day, as investors cashed out of stocks in the wake of the Dow Jones Industrial Average’s 2.6% fall, for its biggest percentage-point drop since July 2. Continue reading »
SAN FRANCISCO, Feb 04, 2010 (BUSINESS WIRE)–Wells Fargo & Company announced today that text banking — a safe and easy way to stay on top of account information — is now accessible to all customers including those who have yet to enroll in Wells Fargo Online Banking. Wells Fargo is the first major financial services company in the United States to offer text banking to all its customers. Continue reading »
ASIAN stocks are likely to dive on Friday, as rising sovereign debt problems in the euro zone and poor jobs data sent U.S. and European stocks tumbling and investors seeking safety.
Wall Street fell as much as 3 per cent, the worst losses in nine months with the Dow briefly dipping below the significant 10,000 mark. Continue reading »
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Federal Election Commission turns back the clock on almost a century’s worth of campaign finance regulation. the court, under Chief Justice John Roberts, held for the first time that a corporation is entitled to the same first Amendment …
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