The European Commission (European Securities and Markets Authority) continues to press their heavy handed CDS regulations in spite of the objections by the UK and Germany. These two states are particularly annoyed at the EC rules that require a CDS pro…
Tag Archive for Sovereign Debt
European Crisis, Latest Business Headlines
Fitch cuts ratings on 18 Spanish banks
by Newswires • • 0 Comments
Fitch cuts ratings on 18 Spanish banks (via AFP) Fitch Ratings downgraded 18 Spanish banks on Tuesday, twisting the knife on a country being pummelled on the financial markets despite a massive banking bailout. Fitch, which slashed Spain’s sovereign debt rating by three notches last week to BBB and downgraded the two biggest banks Santander…
Latest Business Headlines
Greece Threatens Wall Street Jobs in Third Trading Plunge – Bloomberg
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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…
Latest Business Headlines
“The Wrong Austerity Cure” by Laura Tyson | Project Syndicate
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BERKELEY – Fiscal profligacy did not cause the sovereign-debt crisis engulfing Europe, and fiscal austerity will not solve it. On the contrary, such austerity has aggravated the crisis and now threatens to bring down the euro and throw the global economy into another tailspin. In 2007, Spain and Ireland were models of fiscal rectitude, with…
Housing
Europeans Flock To Buy New York Real Estate – International Business Times
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Affluent citizens from France, Britain and other European nations who are concerned about their euro-denominated assets as the euro zone’s sovereign debt crisis worsens are flying to buy one of the world’s most stable investments: Manhattan real estate… With the island’s limited supply and international prestige, New York’s condo values — underpinned by the strong…
Latest Business Headlines
New York City Budget Balanced With Help From Wall Street – Bloomberg
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New York City balanced its $68.7 billion spending plan for fiscal 2013 with revenue from $7.3 billion in Wall Street firms’ first-quarter profits, state Comptroller Thomas DiNapoli said. New York Stock Exchange firms bounced back after losing $2 billion in the fourth quarter of 2011, DiNapoli said in his yearly analysis of the city budget……
European Crisis
E.U. Cautions France and Warns of Challenges in Spain – NYTimes.com
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BRUSSELS — The European Commission cautioned the new French president against overspending in trying to spur growth and warned that Spain still had a long way to go to restore market confidence, as it released its verdicts Wednesday on the performance of economies across Europe. Armed with new powers to police national budgets, the commission,…
Money Morning, Must Read
Where Are Oil Prices Headed?
by Diane Alter • • 0 Comments
The uncertainty looming around worldwide economies sent oil prices sinking below $90 a barrel yesterday (Wednesday), a level not seen since October of last year.
Benchmark crude slid $1.95 Wednesday to finish the day at $89.90 per barrel.
The decline came on the heels of several weeks of slipping oil, sparked by a plethora of less than stellar economic reports. The concerning data mostly involved Europe’s ongoing sovereign debt saga.
Oil gained 0.5% in early afternoon New York trading Thursday, but the reasons for the rally were unclear.
“You don’t know if this is just a short-covering rally or the start of a more significant rally,” Andy Lebow, an oil analyst with Jefferies, told The Wall Street Journal. Lebow said that progress in the talks between Iran and Western powers about Tehran’s nuclear ambitions could have spurred Thursday’s price reversal.
If the gain isn’t maintained, however, prices could head closer to $85 a barrel.
Latest Business Headlines
Russian Stocks Continue Slide On Weaker Oil, Euro Fears – Wall Street Journal
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BloombergRussian Stocks Continue Slide On Weaker Oil, Euro FearsWall Street JournalBy Ira Iosebashvili Of DOW JONES NEWSWIRES MOSCOW (Dow Jones)–Russian stocks and the ruble hit multi-month lows Friday, dragged down by weaker oil prices and sovereign …
Latest Business Headlines
Singapore keeps growth forecast amid eurozone woes – Full Story
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(via AFP) Singapore on Thursday stuck to its economic growth projections of 1.0-3.0 percent for 2012 but warned there was a chance of a “disorderly sovereign debt default” in the eurozone that could hit exports. The Ministry of Trade and Industry also said weakness in the US economy was another concern for Asia…
