June 8, 2012
Spain downgraded as bailout estimates mount
Spain's credit rating has been downgraded as estimates on the size of the bailout it needs begin to mount up. Fitch cut its rating on Spanish government debt by three notches to "BBB", a sign it thinks Spain's ability to honour its debts has…
June 8, 2012
US Fed chairman Bernanke ‘ready to act’ on economy
The chairman of the US Federal Reserve Bank said he is monitoring risks to the economy and is prepared to take action. Ben Bernanke was giving testimony to the US Congress, something which has been closely watched by investors looking for signs…
June 8, 2012
Japan raises growth figure on stronger capital spending
Japan's economy performed better than had previously been estimated in the first three months of the year. The Cabinet Office revised upwards growth figures for the period from a preliminary 1.0% to 1.2%, compared with the previous three months.…
June 7, 2012
China cuts key interest rates to boost growth
China has cut its key interest rates for the first time since 2008, in an attempt to boost its slowing growth. The benchmark one-year loan rate was cut by a quarter of one percent to 6.31% while deposit rates were cut from 3.5% to 3.25%. The…
June 7, 2012
Spain bond auction: Borrowing costs edge up
There was strong demand for Spanish bonds at an auction on Thursday, which was seen as a key test of the country's ability to raise funds, but it had to pay a higher interest rate. The rate on the 10-year bonds was 6.044%, up from the 5.743% paid…
June 7, 2012
Digicel sues Govt for ‘misfeasance’
Digicel Bermuda is suing Government for substantial damages “for misfeasance in public office” as part of the protracted legal battle over its launch last year of international long distance. The Royal Gazette understands from a legal source…
June 7, 2012
Bermuda seeks Islamic finance business
“Open for Islamic business:” That’s the message Business Bermuda took to the World Islamic Banking Conference: Asia Summit in Singapore. “After a whirlwind of meetings, events, conferences, and media interviews in Shanghai, Beijing, Singapore,…
June 7, 2012
LIME & Digicel Could Face Legal Action In Fees Battle
Caribbean Cellular Telephone (CCT) has not ruled out the possibility of seeking legal action against regional carriers, LIME and Digicel to recover what the company termed as "massive loss" due to anti-competitive behaviour. Jose Luis Fernandez,…
June 6, 2012
Australia’s economy expands more than expected
Australia's economy expanded more-than-expected in the first three months of the year allaying fears of a global slowdown hurting its growth. Growth was 1.3% during the period from the previous three months. Analysts had projected a 0.5%…
June 6, 2012
EU unveils plan to protect taxpayers from failing banks
The European Commission on Wednesday will unveil new proposals designed to stop taxpayers' money being used to bail out failed banks. They aim to ensure losses are borne by bank shareholders and creditors and minimise costs for taxpayers. It wants…