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UBS AG, Lloyds Banking Group Plc and Royal Bank of Scotland Group Plc had long-term issuer default grades cut by Fitch Ratings, which put more than a dozen other lenders on watch negative as part of a global review.
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Greek bondholders are preparing to lose as much as 60 percent of their investments as European leaders try to impose a solution that reduces the nation’s debt burden by enough to end the debt crisis.
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Apple Inc. is poised to sell as many as 4 million units of its new iPhone 4S this weekend after customers around the world queued to buy one of the last products developed under Steve Jobs.
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European stocks, U.S. equity futures and commodities rallied as Group of 20 finance ministers began discussions on the debt crisis. French, Belgian and Spanish bonds declined after downgrades.
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Spain’s credit rating was cut for the third time in three years by Standard & Poor’s as slowing growth and rising defaults threaten banks and undermine efforts to contain Europe’s sovereign-debt crisis.
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Nations from China to Brazil are considering increasing the International Monetary Fund’s lending resources to help stem the European debt crisis, Group of 20 and IMF officials said.
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China’s bank lending last month was the least since 2009 as inflation stayed above the government’s target, highlighting the risk that efforts to tame prices will trigger a slowdown.
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Shareholders in European banks are resisting calls to pump more capital into the industry, pressure that may leave taxpayers as the investors of last resort.
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European officials are outlining a rescue plan that may include deeper investor losses on Greek bonds, higher bank capital levels and increased firepower for bailouts and the International Monetary Fund.
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European stocks climbed, extending the Stoxx Europe 600 Index’s longest stretch of weekly gains in six months, as Group of 20 finance ministers meet in Paris to discuss the euro area’s debt crisis. U.S. index futures gained, while Asian shares retreated.