As leaders in Europe try to contain a deepening financial crisis, they are also increasingly talking about making fundamental changes to the way their 17-nation economic union works. The NYT reports.
Singapore’s economy could get a shock if the U.S. falls into recession, warned both ratings agency Fitch and investment bank, Daiwa Capital Markets.
No bank likes to take a loss, especially those in Europe that already suffer from a toxic mix of thin capital, troubled financing and weak loan books. But in the case of the proposed second bailout for Greece — the one that is supposed to make private investors feel the financial pain along with taxpayers — the biggest banks in Europe are on the road now promoting the plan. The NYT reports.
In 2008, Eastern Europe was in the throes of a major financial crisis. Burdened with public and private debt, Hungary, Latvia and Romania had to be bailed out by the IMF; they faced severe austerity measures and high unemployment. Fast forward three years and Eastern Europe seems in much better shape, while the West faces the most serious financial challenge since the establishment of the European Union.
Inflation in the 17 euro countries remained steady at 2.5 percent in August, adding to expectations the European Central Bank will hold off from raising interest rates — and may even consider cutting them — as economic growth slows.
Worries about Western Europe have spilled into countries in Central and Eastern Europe and the region's fate is tightly linked to that of its main exporting market, Wike Groenenberg, head of CEEMEA strategy at Citi, told CNBC on Wednesday.
Stealing of steel, copper or lead objects for the purpose of selling them as scrap metal increased during the financial crisis. Click to find out more.
Twenty years after the Soviet Union collapsed, Vladimir Putin, the Russian prime minister, may not, as is sometimes alleged, be trying to recreate it. But he is pursuing a different project – to build a “quasi-European Union” out of former Soviet states. The FT reports.
Market participants now believe the Federal Reserve is more likely than not to resume purchasing assets during the next year in a third round of quantitative easing, the latest CNBC Fed Survey finds.
By intervening in the eurozone’s bond markets, the ECB has become a lender of last resort. In a world characterised by growing financial panic, that has to be good news, HSBC's Stephen King writes in the FT.
Double dip may be back. It has been three decades since the United States suffered a recession that followed on the heels of the previous one. But it could be happening again, the New York Times reports.
Deutsche Telekom's CEO Rene Obermann is confident that the sale of its US unit T-Mobile USA to AT&T will get regulatory approval, he told CNBC Thursday.
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
A train transporting defense gear from Romania to Bulgaria was broken into and military equipment went missing, Romanian military prosecutors said in a statement on Sunday.
At best, former Scotland Yard senior officers acknowledged in interviews, the police have been lazy, incompetent and too cozy with the people they should have regarded as suspects. The New York Times reports.
Bankers believe that an additional disclosure requirement, relating to previously unpublished details of banks’ credit exposures, could trigger approaches for credit portfolios from specialist buyers. The FT reports.
The price of corn is the latest of a series of signals that remind investors about 2008, the year the financial crisis spread across the globe and Lehman Brothers collapsed, Simon Derrick, chief currency strategist at Bank of New York Mellon, wrote in a note Monday.
Little by little, the woman's credibility as a witness crumbled — she had lied about her immigration, about being gang raped in Guinea, about her experiences in her homeland and about her finances, officials told the NY Times.
The sexual assault case against Dominique Strauss-Kahn is on the verge of collapse as investigators have uncovered major holes in the credibility of the housekeeper who charged that he attacked her in his Manhattan hotel suite in May, according to two well-placed law enforcement officials. The NYT reports.