May 29, 2012
Spain funding situation ‘very difficult’, PM Rajoy says
Spain's prime minister has said it is "very difficult" for the country to get funds. He was speaking amid growing fears about the Spanish banking sector, after Bankia asked the government for 19bn euros ($24bn, £15bn). The premium investors…
May 29, 2012
Canada to force striking rail workers back to work
The Canadian government has introduced legislation to force striking workers at Canadian Pacific Railway to go back to work. Almost 5,000 staff took action at midnight last Wednesday, bringing traffic to a halt on 24,000 km (14,900 miles) of track.…
May 29, 2012
China looks to boost private-sector investment in banks
China has opened up its banking system to private-sector investors, the latest move by Beijing aimed at underpinning economic growth. Over the weekend, China said that private investors would have the same rights as state firms when trying to…
May 29, 2012
Greek banks receive 18bn euros from bailout fund
Four Greek banks have received 18bn euros (£14.4bn, $22.6bn) as part of the nation's most recent bailout. The funds will be divided between National Bank, Alpha, Eurobank and Piraeus Bank. The money has been released by the European Financial…
May 27, 2012
Apple boss Tim Cook rejects $75m payout
Apple's boss Tim Cook has turned down a payout worth about $75m (£48m). The technology giant will pay a quarterly dividend of $2.65 per share from July, the first time Apple has declared a dividend since 1995. But a regulatory filing with the…
May 27, 2012
Spain’s loss-making Bankia vows transparency
The head of Spain's fourth-largest bank, Bankia, has promised more transparency, a day after announcing huge losses and asking for a bailout. Jose Ignacio Goirigolzarri told a news conference a full restructuring plan would be finalised by the end…
May 27, 2012
Lloyd’s ‘has plans for euro collapse’
The insurance market Lloyd's of London is preparing contingency plans for the possibility of the euro collapsing, its chief executive has said. With Greece facing new elections in June and anti-bailout feelings high, there are fears Athens may be…
May 24, 2012
Euro Zone Assessing Possible Greek Exit
Sixteen nations in the euro currency union have started to assess what financial complications might occur if debt-ridden Greece leaves the monetary compact. Even as they voice the hope that Greece stays in the eurozone, European leaders have in…
May 24, 2012
Chinese manufacturing activity ‘contracts in May’
China's manufacturing activity contracted in May, a survey has shown, indicating that the rate of growth in the economy is continuing to slow. The HSBC Purchasing Manager's Index (PMI) fell to 48.7 from 49.3 in April. The data comes amid fears…
May 24, 2012
Hewlett-Packard to cut 27,000 jobs by the end of 2014
Hewlett-Packard, the world's largest maker of personal computers, is to cut 27,000 jobs by end of 2014. The company said the cuts - about 8% of its workforce - will reduce costs by up to $3.5bn (£2.2bn) a year. HP said in a statement that the money…