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Burma Authorizes Foreign Credit Cards

Posted October 19th, 2012 at 1:15 am (UTC-5)
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Burma has approved the introduction of foreign credit cards, a move that will greatly simplify life for visitors to the former outcast nation. The state-run New Light of Myanmar newspaper reported Friday that the finance ministry has given approval for Visa, MasterCard, China UnionPay and Japan Credit Bureau to enter the long-closed country. The paper […]

Tags: , , Posted in East Asia Pacific

S&P Cuts Italy’s Credit Rating

Posted September 19th, 2011 at 9:35 pm (UTC-5)
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Standard & Poors has cut Italy’s credit rating, citing weak economic growth and political uncertainty. The credit rating agency cut Italy’s rating one notch Monday — from A+ to A. S&P said the country’s shaky coalition government and differences in parliament limit Italy’s ability to act against its ballooning debt and ability to slash spending. […]

Tags: , , Posted in Europe

Credit Suisse Settles German Tax Evasion Case for $207 million

Posted September 19th, 2011 at 12:05 pm (UTC-5)
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Switzerland’s second largest bank, Credit Suisse, has agreed to pay $207 million to German authorities to end an investigation into hidden assets held by German clients. The settlement announced Monday settles an inquiry by prosecutors in Dusseldorf into whether the bank helped German nationals avoid taxes when they sent their money to Credit Suisse. The […]

Tags: , , Posted in Economy

China, Allies in Talks for “Super-Sovereign” Credit Agency

Posted September 6th, 2011 at 1:20 am (UTC-5)
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A Chinese credit rating agency says it is in talks with its counterparts around the world to establish what it calls a “super-sovereign” credit rating agency. The chief executive of Dagong Global Credit Ratings tells the state-controlled China Daily the new agency hopes to challenge the three major U.S.-based credit agencies, which together control 95 […]

S&P Downgrades Venezuela’s Credit Rating

Posted August 19th, 2011 at 6:05 pm (UTC-5)
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The rating agency Standard & Poor’s has downgraded Venezuela’s credit rating, citing the country’s political risk as a key weakness. S&P lowered the country’s sovereign currency rating once notch Friday from BB-minus to B-plus with a stable outlook. In a statement, S&P said “changing and arbitrary laws, price and exchange controls, and other distorting and […]

Tags: , , Posted in US

US: Report Says Credit Rating Company Under Investigation

Posted August 18th, 2011 at 10:15 am (UTC-5)
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A major American newspaper says the U.S. is investigating the financial services company that downgraded the U.S. credit rating for its faulty rating of mortgage securities that played a major role in the country’s 2008 recession. The New York Times reported that the Justice Department is looking at dozens of securities that Standard & Poor’s […]

Tags: , , Posted in Economy

US Credit Rating Could Drop Even if Debt Deal is Made

Posted July 27th, 2011 at 4:05 pm (UTC-5)
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Financial analysts say the United States faces the loss of its top AAA credit rating even if President Barack Obama and Congress reach a deal in the next few days to raise the nation’s borrowing limit. Most analysts say the president and lawmakers will craft a last-minute deal to raise the country’s $14.3 trillion debt […]

Tags: , , , , Posted in US

US Credit Rating Could Drop Even if Debt Deal Agreed

Posted July 27th, 2011 at 10:05 am (UTC-5)
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Financial analysts are saying that the United States faces the loss of its top AAA credit rating even if President Barack Obama and Congress reach an agreement in the next few days to raise the nation’s borrowing limit. Most analysts say they think the president and lawmakers will craft a last-minute deal to raise the […]

Tags: , , Posted in Economy, US

Moody’s Cuts Ireland’s Credit Rating to Junk

Posted July 12th, 2011 at 6:40 pm (UTC-5)
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Moody’s credit rating service has cut Ireland’s rating to junk status, adding that the outlook for the Irish economy is negative. This means that, according to Moody’s, Irish government bonds are a high-risk investment. Moody’s says Ireland likely will need another international bailout. The rating service says Ireland is meeting the conditions of the loan […]

Tags: , , Posted in Economy, Europe

Moody’s Cuts Portuguese Credit Rating to Junk Status

Posted July 5th, 2011 at 5:05 pm (UTC-5)
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Moody’s credit rating service has cut Portugal’s rating to junk status and says the outlook for the country is negative. This means that according to Moody’s, Portuguese government bonds are a high-risk investment. The agency says there are heightened concerns that Portugal may not be able to fully achieve the spending cuts, tax hikes and […]

Tags: , , Posted in Europe

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