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European Central Bank Sees More Eurozone Economic Decline

Posted December 6th, 2012 at 1:40 pm (UTC-5)
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The European Central Bank says the economic fortunes of the 17-nation euro currency bloc are likely to continue to decline next year and not advance again until late in 2013 and into 2014. Bank president Mario Draghi gave his assessment of the eurozone economy Thursday after the central bank kept its benchmark interest rate at […]

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European Central Bank Sees More Eurozone Economic Decline

Posted December 6th, 2012 at 12:10 pm (UTC-5)
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The European Central Bank says the economic fortunes of the 17-nation euro currency bloc are likely to continue to decline next year and not advance again until late in 2013 and into 2014. Bank president Mario Draghi gave his assessment of the eurozone economy Thursday after the central bank kept its benchmark interest rate at […]

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British Bank to Settle US Charges on Iran Transactions

Posted December 6th, 2012 at 10:25 am (UTC-5)
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British bank Standard Chartered says it expects to “very shortly” pay $330 million to U.S. authorities to settle accusations that it violated American trade sanctions against Iran. The bank said Thursday the payment would settle claims with the U.S. Justice Department, the Treasury and the Federal Reserve, the country’s central bank. The new payment would […]

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Europe Fines Key Electronics Companies for Price-Fixing

Posted December 5th, 2012 at 4:50 pm (UTC-5)
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European regulators have fined some of the world’s largest electronics companies a record of nearly $2 billion for fixing the prices of television and computer screens. The European Union’s antitrust chief, Joaquin Almunia, said the companies engaged in some of “the worst kinds of anti-competitive behavior” from the late 1990s through 2006, establishing prices they […]

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EU Finance Chiefs Fail to Reach Bank Regulation Pact

Posted December 4th, 2012 at 11:10 am (UTC-5)
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European Union finance chiefs have failed to reach an agreement on regulating banks across the continent. The 27 finance leaders met in Brussels Tuesday, but left without a compromise after French Finance Minister Pierre Moscovici and his German counterpart, Wolfgang Schaeuble, clashed on the extent of the banking regulatory power that the European Central Bank […]

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US Accuses Chinese Auditors of Securities Violations

Posted December 3rd, 2012 at 4:10 pm (UTC-5)
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The U.S. securities agency is accusing the China-based affiliates of some of the world’s largest accounting companies of violating American financial laws by refusing to divulge information about their audit work for Chinese companies that are under investigation. The Securities and Exchange Commission said Monday that five companies have “refused to cooperate” for several months. […]

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Greece Offers to Buy Back Bonds to Trim Its Debt

Posted December 3rd, 2012 at 10:30 am (UTC-5)
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Greece is offering to spend $13 billion to buy back bonds held by private creditors in hopes of trimming its crippling debt. The Athens government said Monday it would try to repurchase $39 billion in debt, with investors selling their securities at slightly more than their current price on international financial markets but at substantially […]

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Eurozone Jobless Rate Still Worsening

Posted November 30th, 2012 at 10:25 am (UTC-5)
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The jobless rate in Europe’s euro currency bloc is continuing to worsen. The latest eurozone report Friday pegged the unemployment rate at 11.7 percent in October, the highest level since the currency union was formed in 1999. Another 173,000 workers were added to the unemployment rolls, pushing the total in the 17-nation region to nearly […]

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EU Rescues Four Spanish Banks

Posted November 28th, 2012 at 12:10 pm (UTC-5)
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The European Union is sending a $48 billion rescue package to four debt-ridden Spanish banks, but only after ordering them to sharply cut their loans and investments, slash their workforces and impose heavy losses on their investors. European Commission Vice President Joaquin Almunia said Wednesday the bailout aid would be sent to lenders Bankia, NCG […]

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OECD Sees ‘Uneven” Global Economic Recovery

Posted November 27th, 2012 at 11:20 am (UTC-5)
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A new report says the world’s economy will make “a hesitant and uneven recovery” over the next two years. A group representing 34 of the world’s largest economies — the Paris-based Organization for Economic Cooperation and Development (OECD) — predicted Tuesday that the global economy would advance 3.4 percent in 2013. That would be up […]

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