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…
May 24, 2012
Google did not breach Oracle patents, a court has found
Google did not infringe patents owned by software developer Oracle, a jury in a California court found on Wednesday. The Silicon Valley giants had fought over whether Google used Oracle's Java programming language in its Android mobile operating…
May 24, 2012
Facebook and banks behind flotation face lawsuit
Facebook, its founder Mark Zuckerberg and the banks leading its flotation are being sued by disgruntled shareholders. A writ, filed in a Manhattan court, alleges that Facebook's revised growth figures were not disclosed to all investors. US…
May 23, 2012
US ‘risks recession’ if tax rises and spending cuts hit
The US could fall off a "fiscal cliff" if tax rises and spending cuts due to take effect at the end of 2012 are not avoided, auditors have said. The US economy could go in to recession, shrinking at a rate of 1.3% in the first half of 2013, the…
May 23, 2012
World Bank: East Asia ‘vulnerable’ to eurozone crisis
The eurozone debt crisis could harm the growth of East Asian economies, the World Bank has warned. The bank said that a "serious disruption" in the eurozone could hurt growth and dent demand for exports from East Asia. It said that East Asian…
May 23, 2012
IMF tells UK to consider rate cut to boost growth
The International Monetary Fund (IMF) has said the UK's continuing economic weakness means authorities should consider more quantitative easing (QE) and even cutting interest rates. Its annual look at the UK economy endorsed the government's…