Margareta Drzeniek-Hanouz, head of global competitiveness & risks at World Economic Forum, says productivity-enhancing reforms will resolve the new normal that's characterized by a shortfall in productivity.» Read More
Stung by souring loans and troubled government bond portfolios, many European banks are being forced by regulators to raise money to build up their cash cushions against future losses.
Hold the condolence cards, but the recession cost the rich. The share of income received by the top 1 percent — that potent symbol of inequality — dropped to 17 percent in 2009 from 23 percent in 2007, according to federal tax data. The New York Times reports.
In the fiscal accord, the nations that use the euro essentially agreed to go back to Plan A — that is, the principles and rules with which they created their common currency two decades ago.
What may have seemed like timid or even bumbling leadership is looking more like a consistent strategy of brinkmanship aimed at remaking the euro zone in Germany’s likeness. The New York Times reports.
A move announced by central bankers on Wednesday to contain the European debt crisis resulted in euphoria in global stock markets, but it also prompted skeptics to wonder: will this time be different? The New York Times reports.
In a stern pronouncement, Moody’s Investors Service this week warned of rising prospects for multiple defaults by countries in the euro zone and credit rating downgrades of nations across Europe if leaders should fail to resolve the spreading debt crisis. The NYT reports.
About $200 million in customer money that vanished from MF Global is believed to have surfaced at JPMorgan Chase in Britain, according to people briefed on the matter. The New York Times reports.
Europe’s banking sector is ready for a shake-up as its largest financial institutions try to slim down their operations in response to the sovereign debt crisis. The NY Times repeorts.
When Jon S. Corzine joined MF Global last year it seemed like a strange choice — the firm had none of the glamour, let alone the profits or footprint of Goldman Sachs, the bank he ran during the 1990s.
Though financial institutions are not yet turning away customers at the door, they are trying to discourage some depositors from parking cash with them. NYT reports
As EU leaders scramble to present a united front for this weekend’s critical meeting in Brussels, anxiety is growing in Europe, and not just about the euro, the NYT reports.
Regulators in the United States and overseas are cracking down on computerized high-speed trading that crowds today’s stock exchanges, worried that as it spreads around the globe it is making market swings worse. The New York Times reports.
Like Americans trying to raise quick cash by unloading their unwanted goods, the federal government is considering a novel way to reduce the deficit: holding the equivalent of a garage sale, reports the NY Times.
LONDON—Greece may never be able to pay off its huge debts, but its bonds, long scorned by investors, are suddenly being gobbled up by hedge funds. After a number of investors struck gold by betting against French banks, many have turned their attention to the hot yet risky euro zone trade of the moment: buying Greek government bonds that traders say are changing hands for as little as 36 cents for each euro of face value.
Greece may never be able to pay off its huge debts, but its bonds, long scorned by investors, are suddenly being gobbled up by hedge funds, the New York Times reports.
Another 2.6 million people slipped into poverty in the United States last year, the Census Bureau reported Tuesday, and the number of Americans living below the official poverty line, 46.2 million people, was the highest number in the 52 years the bureau has been publishing figures on it.
Remember the collapse of Lehman Brothers ? Europeans certainly do. As Europe struggles to contain its government debt crisis, the greatest fear is that one of the Continent’s major banks may fail.
Can a bailout fund whose backers include some of the countries it may be called upon to bail out really succeed? The NYT reports.
European leaders on Thursday clinched a new rescue plan for Greece that could push the country into default on some debt but would also give Europe’s bailout fund new powers to aid struggling economies, the NY TImes reports
Swiss bank Credit Suisse said on Friday it is being probed by the U.S. Department of Justice as part of a broader investigation into banks suspected of helping Americans evade taxes.