© 2011 MallSiteOnline.com Corporation Limited. All rights reserved
BRUSSELS (Reuters) - Private holders of Greek debt may need to accept losses of up to 60 percent on their investments if Greece's debt mountain is to be made more sustainable in the long-term, a downbeat analysis by the EU and IMF showed on Friday. Euro zone finance ministers threw Greece a lifeline on Friday by agreeing to approve an 8 billion euro loan tranche that Athens needs next month to pay its bills. But the European Commission, European Central Bank and International Monetary Fund -- the so-called troika -- issued a gloomy report on Greece's ability to pay its debts. Among three scena...
At 5pm AEDT today the Australian dollar was trading at 102.43 US cents up from 101.55 cents yesterday. ANZ senior markets dealer Alex Sinton said the passing of an austerity bill in Greece overnight, ahead of the eurozone debt summit, was not enough to spur traders into action. "Passing (bills) through parliament is a pretty different story than actually passing it through the populace," Mr Sinton said. The Australian dollar opened the local trading session at 102.42 US cents and remained around that level for the remainder of the day. CMC chief market strategist Michael McCarthy said the l...
WASHINGTON (AP) — It's open season on China in the Republican race for the presidential nomination, and Mitt Romney is leading the charge. Newt Gingrich and some other candidates are on his heels, painting China as the bogeyman responsible for America's economic ills. Former Ambassador to China Jon Huntsman is the lone holdout, warning against actions that might prompt a trade war. In a race focused primarily on jobs, taxes and debt, China is emerging as an increasingly prominent foreign policy topic — largely because it is by extension an issue of economics. The debate centers on legitimate g...
The benchmark S&P/ASX200 index gained 68.4 points, or 1.63 per cent, to 4274 and the broader All Ordinaries index gained 66.2 points, or 1.55 per cent, to 4335.2. US stocks scored their third straight week of gains on Friday as anticipation of a fairly solid third-quarter earnings season trumped worries about Europe and weak economic growth. On Friday, the Dow rose 166.36 points, or 1.4 per cent, the S&P 500 rose 20.92 points, or 1.7 per cent and the Nasdaq rose 47.61 points, or 1.8 per cent. The US market was buoyed by the release of encouraging retail sales data for September on Frid...
The market opened half a per cent lower today after dramatic falls on overseas metals markets and a weak start to the US reporting season overnight. By noon (AEDT), both major local indices had drifted further down, with the benchmark S&P/ASX200 index shedding 43.1 points, or 1.02 per cent, at 4184.5 and the broader All Ordinaries index dropping 42.3 points, or 0.99 per cent, to 4246.5. City Index chief market analyst Peter Esho said US aluminium giant Aloca's weak results at the start of the US reporting season had weighed on markets. "You've got AGM season coming up, traders are more sto...
HOUSTON (AP) — When waves as high as 40 feet disabled the 94-foot research vessel Jeremy Parfait and nine other oil workers were on in the Gulf of Mexico last month, he knew there was only one place they could go — into the water. Their boat, which normally would be elevated above the water by several metal legs, had toppled in the tropical storm and was floating helplessly, beaten by waves and wind. The 10 men jumped into the Gulf and clung to a 6-foot-by-3-foot raft. "We know we don't want to go in that water. I can see it in their eyes. They are scared to death. They don't want to go in tha...
Please turn on JavaScript. Media requires JavaScript to play. Liam Fox: "I have asked the permanent secretary to look into these wild allegations" Defence Secretary Liam Fox has ordered an investigation into whether he broke the ministerial code over his working relationship with a close friend. Mr Fox has been accused of risking national security by giving his best man Adam Werritty access to the MoD. It is claimed Mr Werritty has been on official trips with Mr Fox to Sri Lanka but that he has neither an official role nor security MoD clearance. Mr Fox said he ordered the inquiry to clear up...
NEW YORK (Reuters) - U.S. private-sector employers added more jobs than expected in September, but another report Wednesday showed a jump in planned layoffs in the month. Private payrolls rose by 91,000 according to payrolls processor ADP, above expectations for a gain of 75,000 in a Reuters poll. August private payrolls were revised down to an increase of 89,000 from the previously reported 91,000. But the number of planned layoffs at U.S. firms in September jumped to its highest in more than two years due to heavy cutbacks by the U.S. military and Bank of America, another report on Wednesday...