The recent €100 billion bailout of Spain’s banks will leave Europe’s financial rescue fund without enough money to bail out another big economy, an international banking group warned on Sunday. “[A]fter committing €100 billion for the Spanish saving banks, the Eurogroup’s rescue funds, as currently authorized and structured, will have sufficient funds to help a…
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Greece Threatens Wall Street Jobs in Third Trading Plunge – Bloomberg
by Newswires • • 0 Comments
Wall Street bankers and traders, given hope by a market rebound in the first quarter, are now seeing earnings and paychecks threatened by turmoil in Greece in what is becoming an annual cycle. For a third consecutive year, revenue from investment banking and trading at U.S. firms may fall at least 30 percent from the…
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FRB: Testimony–Bernanke, Economic Outlook and Policy–June 7, 2012
by Lee Adler • • 0 Comments
Chairman Casey, Vice Chairman Brady, and other members of the Committee, I appreciate this opportunity to discuss the economic outlook and economic policy. Economic growth has continued at a moderate rate so far this year. Real gross domestic product (GDP) rose at an annual rate of about 2 percent in the first quarter after increasing…
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‘Remarkable’ Australian economy steams ahead – Full story
by Newswires • • 0 Comments
‘Remarkable’ Australian economy steams ahead (via AFP) Australia Wednesday hailed as “remarkable” the 1.3 percent growth in its mining-driven economy in the first three months of 2012, as consumer spending rallied and business investment boomed. The Australian Bureau of Statistics (ABS) said the quarter-on-quarter numbers, compared with an upwardly-revised…
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German insurer Allianz (Parent of Pimco) profits soar 60%
by Newswires • • 0 Comments
(via AFP) German insurance giant Allianz on Tuesday said its net profits soared by 60 percent in the first quarter of 2012 and confirmed its full-year targets. Net profits rose to 1.37 billion euros ($1.76 billion) in the first three months of the year on flat turnover of just over 30 billion euros, the group…
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Motorola Mobility Posts Wider Loss – Wall Street Journal
by Newswires • • 0 Comments
RTT NewsMotorola Mobility Posts Wider LossWall Street JournalBy GREG BENSINGER Motorola Mobility Holdings Inc. posted a wider first-quarter loss after selling fewer mobile devices in this year's first three months. Motorola, which is awaiting appro…
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Lloyds Records Small Profit in First Quarter – New York Times
by Newswires • • 0 Comments
New York TimesLloyds Records Small Profit in First QuarterNew York TimesBy MARK SCOTT Carl Court/Agence France-Presse — Getty ImagesAntónio Horta-Osório, chief of Lloyds Banking Group. LONDON — Lloyds Banking Group, partly owned by the British go…
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Who’s the King of Smartphone Sales? – PCWorld
by Newswires • • 0 Comments
BloombergWho's the King of Smartphone Sales?PCWorldBy John P. Mello Jr., PCWorld Apr 29, 2012 10:24 AM Android phone stalwart Samsung has announced record profits for the first three months of this year, profits driven by its flourishing smartphone…
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Spain is the New Greece
by New Economic Perspectives • • 1 Comment
By Marshall Auerback Nearly one Spaniard in four is unemployed, according to data released on Friday, as the country’s economic and financial predicament prompted a government minister to talk of a “crisis of enormous proportions”.The data from the National Statistics … Continue reading →
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U.S. Economy Slows Sharply in First Half of Year
by Bears Chat at The Wall Street Examiner • • 0 Comments
WASHINGTON (AP) — The economy expanded at meager rate of 1.3 percent annual rate in the spring after scarcely growing at all in the first three months of the year, the Commerce Department said Friday.
The combined growth for the first six month…
