| Medvedev says Magnitsky fallout not bad for Russian business Posted: 26 Jan 2013 11:44 AM PST  MOSCOW (Reuters) - Prime Minister Dmitry Medvedev used a prime-time TV interview on Saturday to dismiss concerns growing fallout from the 2009 death of anti-corruption lawyer Sergei Magnitsky would damage Russia's business interests. Medvedev said the whistleblower's death in jail, for which no one has been brought to justice, was being used by Kremlin critics to score points but was of no import to business leaders. ...
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| Italy central bank approves Monte Paschi bailout request Posted: 26 Jan 2013 01:51 PM PST  ROME/MILAN (Reuters) - Italy's central bank on Saturday gave its approval to a request by scandal hit bank Monte dei Paschi di Siena for 3.9 billion euros ($5.3 billion) of state loans, the latest step in the battle to revive the ailing bank. The Bank of Italy's backing was the final stage required to free up the financial help for Italy's third biggest lender, which this week revealed loss-making derivatives trades that could cost it about 720 million euros. ...
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| ECB's Asmussen warns against unilateral forex moves Posted: 26 Jan 2013 12:34 PM PST  FRANKFURT (Reuters) - European Central Bank Executive Board member Joerg Asmussen called for international cooperation to address the current debate about competitive currency devaluation, saying central banks are not the ones to solve structural problems. Policymakers in advanced countries, particularly Japan and the United States, have been acting aggressively to reflate their economies, which has the effect of weakening their currencies. ...
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| Time to open up to trade, EU tells Argentina, Brazil Posted: 26 Jan 2013 12:27 PM PST  SANTIAGO (Reuters) - EU leaders told Argentina and Brazil on Saturday to open up their markets and push ahead on a free-trade deal that would be a major prize for Europe as it tries to emerge from three years of economic crisis. Treading carefully in a region whose fortunes are markedly better than Europe's, German Chancellor Angela Merkel warned Buenos Aires and Brasilia not to revert to the kind of protectionism of the 1930s that deepened the Great Depression. ...
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| Basking in the shadows? Regulators are watching you Posted: 26 Jan 2013 09:14 AM PST  DAVOS, Switzerland (Reuters) - Unconventional lenders that have enjoyed a cozy spot while central bankers were busy trying to make banks stronger should watch out as shadow banking is coming back on to regulators' agenda. Shadow banking, broadly described as intermediation by non-banks such as hedge funds, private capital and venture funds, has so far escaped traditional banking regulation even though some regulators say it worsened the global financial crisis. Rebuilding bank capital and the fight to save the euro have taken absolute priority over the past five years. ...
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| Japan defends stimulus, yen policy under fire Posted: 26 Jan 2013 09:06 AM PST  DAVOS, Switzerland (Reuters) - Japan's economy minister rejected criticism on Saturday that his country's extraordinary fiscal and monetary stimulus program was aimed at weakening the yen and undermined central bank independence. Akira Amari told the World Economic Forum in Davos it was up to the market to determine the currency's exchange rate, and the Bank of Japan had chosen independently to sign a joint statement with the government on actions to fight deflation and revive economic growth. ...
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| Exclusive: ECB rejects Irish bid on promissory note - sources Posted: 26 Jan 2013 07:24 AM PST  (Reuters) - The European Central Bank has rejected Ireland's preferred solution to a dispute over the cost of servicing money borrowed to rescue a failed bank, EU sources familiar with the talks said on Saturday. Dublin wants to avoid having to pay 3.1 billion euros a year until 2023 to service a promissory note it issued to underwrite failed Anglo Irish Bank during a meltdown of the main Irish lenders after a real estate bubble burst in 2008. ...
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| IMF urges mid-term plan for Japan debt reduction Posted: 26 Jan 2013 05:25 AM PST  DAVOS, Switzerland (Reuters) - The head of the International Monetary Fund called on Saturday for Japan to put forward a medium-term plan to reduce its public debt after this week's bold monetary and fiscal stimulus measures. IMF Managing Director Christine Lagarde told the World Economic Forum in Davos: "Japan has made very important decisions. We are very interested in these policies. We would like them to complement it with a mid-term plan on how the debt would be reduced." (Reporting by Lisa Jucca; Writing by Paul Taylor)
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| Obama birth control mandates loosens lawsuits Posted: 26 Jan 2013 02:05 PM PST  NEW YORK (AP) — The legal challenges over religious freedom and the birth control coverage requirement in President Barack Obama's health care overhaul appear to be moving toward the U.S. Supreme Court.
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| Powers of prophesy: Davos looks to the future Posted: 26 Jan 2013 12:57 PM PST  DAVOS, Switzerland (AP) — Forget the endless debates about the euro or government debts. What does the future hold?
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| Europe's emigrants face red tape in Latin America Posted: 25 Jan 2013 10:45 PM PST  SANTIAGO, Chile (AP) — Geologist David Rodriguez and actress Cristina Pascual, two of the nearly six million Spaniards left jobless in the European recession, fled to Latin America last year, figuring their futures would be brighter in the booming economies on this side of the Atlantic.
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| S&P closes above 1,500 for 1st time since 2007 Posted: 25 Jan 2013 04:08 PM PST  NEW YORK (AP) — Passing another milestone on the nation's long journey back from the Great Recession, the Standard and Poor's 500 index closed above 1,500 for the first time in more than five years Friday after a wave of good earnings reports.
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| Hackers take over sentencing commission website Posted: 26 Jan 2013 09:09 AM PST  WASHINGTON (AP) — The hacker-activist group Anonymous says it hijacked the website of the U.S. Sentencing Commission to avenge the death of Aaron Swartz, an Internet activist who committed suicide. The FBI is investigating.
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| Greek opinion polls show conservatives leading Posted: 26 Jan 2013 02:06 PM PST ATHENS, Greece (AP) — Three opinion polls, to be published in Greek Sunday papers, show conservative New Democracy, the main coalition government partner, slightly ahead of the opposition Radical Left Coalition (SYRIZA). |
| Thousands of Portuguese teachers protest big cut Posted: 26 Jan 2013 11:12 AM PST  LISBON, Portugal (AP) — Thousands of teachers from around Portugal are marching in downtown Lisbon to protest proposed spending cuts they say will slash €1 billion ($1.3 billion) from the education budget.
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| Davos summit ends with warnings on global economy Posted: 26 Jan 2013 11:25 AM PST  DAVOS, Switzerland (AP) — The crisis mood is gone, but that doesn't mean you can slip back into your old ways — that's the message from top international finance officials wrapping up the World Economic Forum in Davos, Switzerland.
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| Banking official: Watch those asset prices Posted: 26 Jan 2013 03:59 AM PST  DAVOS, Switzerland (AP) — A top international finance official is warning banks to be cautious about the prices of investments that have gone up sharply because of current low interest rates.
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| Is Apple the New Microsoft? Posted: 25 Jan 2013 03:59 PM PST The only question now is whether Apple is just going through a short-term transition or is slowly becoming a modern day version of its long-time nemesis Microsoft. |
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