November 13, 2012
Greece Sells Bonds to Avoid Default Friday
Cash-strapped Greece has raised the money it needs to help it avoid a default later this week, but says it still urgently needs more bailout funds in the coming days. The Athens government sold more than $5 billion in bonds Tuesday, which coupled…
November 13, 2012
Obama Meeting with Union Leaders on US Fiscal Cliff
U.S. labor leaders are meeting with President Barack Obama Tuesday, calling on him to reject deep cuts in pensions and health care for the elderly as he works to resolve crucial government financial issues by the end of the year. Newly re-elected,…
November 8, 2012
Eurozone interest rates remain at 0.75%, economy ‘weak’
The European Central Bank (ECB) has held the benchmark eurozone interest rate at the record low of 0.75%, as had been expected. The rate has been at this level for four months, after July's cut from 1%. Explaining the decision, ECB president Mario…
November 8, 2012
Dexia gets further aid from France and Belgium
France and Belgium have agreed to pump a further 5.5bn euros ($7bn; £4.4bn) into struggling bank Dexia, after it reported another large loss. The bank, which was bailed out by France and Belgium last year, posted a third-quarter net loss of 1.23bn…
November 8, 2012
Banana war ends after 20 years
An international trade dispute over bananas dating back two decades has finally been settled. The European Union and ten Latin American countries signed an agreement to formally end eight separate World Trade Organisation (WTO) cases. The head of…
November 7, 2012
Asian markets flat as Barack Obama wins second term
Asian markets were little changed as President Barack Obama was re-elected to a second term. There are concerns whether Mr Obama and a Republican-dominated Congress will be able to negotiate a way to avoid the so-called fiscal cliff. The cliff will…
November 7, 2012
Greece braces for key vote on fresh austerity measures
Greek Prime Minister Antonis Samaras has pleaded with politicians to vote through a fresh round of austerity measures crucial to securing the country's next round of financial aid. Parliament will vote later on 13.5bn euros ($17.3bn; £10.5bn) of…
November 7, 2012
AOL shares jump on advertising revenue
Shares in AOL have jumped 22% after the US internet firm reported a sharp rise in advertising revenues. Advertising sales jumped 7% to $340m (£212m), boosting net profit for the third quarter to $20.8m, compared with a loss of $2.6m a year ago.…
November 6, 2012
Asia drives BMW to record third quarter profit rise
Booming sales in Asia have helped German car firm BMW shrug off the gloom in Europe to report a record third quarter pre-tax profit. The world's largest luxury carmaker saw sales in China and Japan rise by 33% and 21.5% respectively in the nine…
November 6, 2012
France to raise VAT to fund company tax breaks
The French government has said it will raise value added tax and cut public spending in order to fund tax credits for firms that keep jobs in France. The 20bn-euro (£16bn) plan comes after a government-commissioned report by industrialist Louis…