October 23, 2011
Private Banks May Have to Forgive Half of Greek Debt
International lenders say private banks lending money to Greece may have to forgive the debt-ridden country more than a half of what it owes them. The latest review by European Union and International Monetary Fund experts shows that a Greek bond…
October 23, 2011
Obama Signs Korea, Colombia, Panama Trade Deals
U.S. President Barack Obama has signed into law trade agreements with South Korea, Colombia and Panama. Supporters say the deals will boost U.S. exports by billions of dollars and preserve or create hundreds of thousand of jobs in the United…
October 20, 2011
Sony postpones product launches due to Thailand floods
Japanese electronics maker Sony has postponed launches of various products after…
October 20, 2011
Market nerves over euro strategy
World stock markets have fallen on fears that eurozone leaders are divided over how to tackle the debt crisis. After a meeting with German Chancellor Angela Merkel in Frankfurt, French President Nicolas Sarkozy was reported to have said that the…
October 20, 2011
Morgan Stanley reports $2.2bn third quarter profit
Morgan Stanley has reported a $2.2bn (£1.4bn) profit for the third quarter of the year. The investment bank, the second-largest in the US, made the profit on revenues of $9.9bn. But the profit was boosted by a $3.4bn gain on a revision to some of…
October 20, 2011
Nestle raises 2011 sales outlook
The world's biggest food group, Nestle, has raised its sales growth outlook for the year after a better-than-expected performance in the first nine months. Underlying sales from January to September rose 7.3% on a year ago, helped by higher…
October 20, 2011
eBay reports 14% rise in profits
The internet auction site eBay has reported a 14% increase in third quarter profits. Net income for the three months to the end of September came in at $491m (£311m), up from $432m in the same period last year. EBay said the growth was driven by…
October 19, 2011
Citigroup settles charges of misleading investors
Citigroup is paying $285m (£180m) to settle civil fraud charges from the Securities and Exchange Commission. The SEC said that Citigroup misled investors when it invited them to invest in a product based on US mortgage debt. It said that Citigroup…
October 19, 2011
China cuts holdings of US debt after ratings downgrade
China has reduced its holdings of US debt to their lowest level in a year, after the US's credit rating was downgraded by Standard & Poor's (S&P). China sold $36.5bn (£23.2bn) in US Treasuries or bonds to cut its holding to $1,137bn in August,…
October 19, 2011
Apple full year profits rise 85%
The world's biggest technology company Apple has reported full year results, showing net profit for the year to 25 September at $25.9bn (£16.5bn), up 85% from the previous year. Even that was not enough to satisfy Wall Street, with the shares…