Switzerland’s giant UBS bank is paying $1.5 billion in fines to international regulators after admitting its fraudulent role in rigging a key global interest rate for loans. UBS agreed Wednesday to pay the fines to U.S., British and Swiss authorities, along with pleading guilty to a fraud charge in the United States. Last June, American […]
Swiss Bank UBS Fined $1.5 Billion for Interest Rate Manipulation
Posted December 19th, 2012 at 12:15 pm (UTC-5)
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US to Wind Down Its General Motors Stake
Posted December 19th, 2012 at 10:05 am (UTC-5)
The U.S. is winding down its stake in the country’s biggest auto maker, General Motors. GM said Wednesday it would pay $5.5 billion for 200 million shares of stock held by the government, with the United States likely to sell its remaining 300 million shares over the next 12 to 15 months. The U.S. rescued […]
European Leaders Say Worst of Debt Crisis Is Over
Posted December 14th, 2012 at 11:05 am (UTC-5)
Some European leaders are saying that the worst of the continent’s three-year governmental debt crisis is behind it, even as they remained cautious about its weak economy. The leaders approved creation of a single supervisor for the eurozone’s largest banks and handed Greece more bailout money at their yearend summit in Brussels. French President Francois […]
European Leaders Say Worst of Debt Crisis Is Over
Posted December 14th, 2012 at 10:25 am (UTC-5)
Some European leaders are saying that the worst of the continent’s three-year governmental debt crisis is behind it, even as they remained cautious about its weak economy. The leaders approved creation of a single supervisor for the eurozone’s largest banks and handed Greece more bailout money at their yearend summit in Brussels. French President Francois […]
Britain’s Credit Outlook Deemed ‘Negative’
Posted December 13th, 2012 at 2:00 pm (UTC-5)
A major financial services company has trimmed its outlook on Britain’s top-rated credit standing, cutting it from stable to negative. Standard & Poor’s on Thursday became the third of the three major credit rating services to change its view of Britain’s ability to repay its debt, but none has actually cut the country’s rating. Earlier […]
US Jobless Benefit Claims Drop Sharply
Posted December 13th, 2012 at 11:20 am (UTC-5)
Claims for jobless benefits have dropped sharply again in the United States, a new signal that the country’s labor market may be improving. The government said Thursday that 343,000 jobless workers sought unemployment compensation last week, down 29,000 from the week before. It was the fourth straight week the number has declined and is the […]
US Central Bank Weighing New Stimulus
Posted December 12th, 2012 at 10:00 am (UTC-5)
Federal Reserve policy makers are meeting in Washington, with economists predicting the central bank will expand its stimulus efforts to boost the sluggish U.S. economy. The central bank has pumped hundreds of billions of dollars into the U.S. economy over the last two years through purchase of government bonds and real estate-related securities, but the […]
US Turning Big Profit on Controversial AIG Rescue
Posted December 11th, 2012 at 10:55 am (UTC-5)
The U.S. is ending up with a sizeable profit on its controversial bailout of one of the world’s largest insurers during the worst days of the global economic downturn. The Treasury Department said it is selling 234 million shares in American International Group (AIG) on Tuesday at a profit of $7.6 billion, bringing its overall […]
Monti Resignation Sparks New Eurozone Uncertainty
Posted December 10th, 2012 at 10:20 am (UTC-5)
Italy’s stock market plunged Monday and the country’s borrowing costs jumped as the unexpected resignation of Italian Prime Minister Mario Monti added a new uncertainty to the eurozone debt crisis. The country’s main stock exchange index (the FTSE MIB) fell nearly three percent, while the interest rate on the Rome government’s 10-year bond increased a […]
Greek Economy Still Plunging
Posted December 7th, 2012 at 3:40 pm (UTC-5)
The economy in debt-ridden Greece is continuing its freefall, contracting 6.9 percent in the July-to-September period compared to a year ago. The Athens government said Friday the third quarter drop was a slight improvement from an earlier forecast. But the Greek economy is expected to contract another 4.5 percent next year, which would be its […]
