Merkel set for two-speed Europe, if necessary (via AFP) German Chancellor Angela Merkel said Thursday that she would work towards a reinforced political union in Europe with willing partner countries even if that meant a two-speed approach. “We need more Europe… a budget union… and we need a political union first and foremost,” Merkel told…
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Asian markets lifted by US, Europe stimulus hopes – Full story
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Asian markets lifted by US, Europe stimulus hopes (via AFP) Asian markets mostly rose for a third successive day on Thursday, posting strong gains on hopes for stimulus measures in the United States and Europe as well as promises of help for Spain’s banks. The euro also held up against the yen and dollar after…
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Moody’s downgrades Commerzbank, other German banks – Full story
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Moody’s downgrades Commerzbank, other German banks (via AFP) Credit rating agency Moody’s on Wednesday lowered its ratings for six German banks pointing to “the increased risk of further shocks emanating from the euro area debt crisis.” Moody’s said in a statement it was downgrading by one notch the long-term credit ratings of Commerzbank, DekaBank, DZ…
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Canada interest rate unchanged at 1%- Full story
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Canada interest rate unchanged at 1% (via AFP) Canada’s central bank on Tuesday kept its key lending rate at one percent as expected, citing a weak outlook for global economic growth. “The outlook for global economic growth has weakened in recent weeks. Some of the risks around the European crisis are materializing and risks remain…
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Bombardier to build 300 subway cars for New York – Full story
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Bombardier to build 300 subway cars for New York (via AFP) Bombardier Transportation, the rail equipment unit of Canadian giant Bombardier, said Tuesday it has signed a contract to build 300 subway cars for the New York underground. The contract is worth $599 million (482 million euros), the company said. The cars will be built…
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Qantas forecasts huge fall in full-year profit
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Qantas forecasts huge fall in full-year profit (via AFP) Australian flag carrier Qantas warned Tuesday its full-year profit could dive by up to 90 percent on the back of steep losses in its international arm, sending its share price plunging to all-time lows. The airline said it expected underlying profit before tax — its preferred…
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Putin in China to cement key alliance- Full story
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Putin in China to cement key alliance (via AFP) Russian President Vladimir Putin met his Chinese counterpart Tuesday on a visit aimed at bolstering a crucial alliance, with the two neighbours set on blocking international action against Syria. Putin told Hu Jintao ties between the two nations had reached “new heights” as he kicked off…
European Crisis, Latest Business Headlines
Bankia confident of getting 19 bn euro bailout- Full Story
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(via AFP) The new president of Spain’s fourth-biggest bank, Bankia, said Saturday he was confident of receiving from the government 19 billion euros ($24 billion) in the largest bank bailout in the country’s history. Jose Ignacio Goirigolzarri voiced his optimism that the struggling bank, which holds some 10…
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Europe on journey to the unknown if Greece exits – Full Story
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(via AFP) As investors and European leaders big and small tot up the potential cost of Greece departing the euro, the European Union too stands perilously close to meltdown after six decades in the making. Weeks ago still an elephant in the room, Athens’ looming exit from the club of 17 nations sharing the single…
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Crude Oil Inventories Report Today
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– 16/05 (via ForexPromos) Gold entered a so-called bear market, dropping for a fourth day, after Greek leaders failed to form a government, increasing speculation that the country may quit the euro. The Dollar Index (DXY) was driven to a record advance. The Dow Jones Industrial Average (INDU) fell to an almost four-month low…
