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Friday 16th of April 2010

News Tag: crisis

April 9, 2010

Greece credit rating downgraded by Fitch

by Kay Murchie
Greece credit rating downgraded by Fitch
Greece’s woes intensified today after ratings agency Fitch downgraded the country’s credit rating amid fears over its rescue plan. Fitch downgraded Greece's rating by two notches, from BBB+ to BBB-, as the cost of Greek borrowing continues to soar. The BBB- rating is significant since it is the lowest rating that qualifies as an investment grade bond. Last month a deal was ...



Bond markets hit by ongoing Greek debt fears

by Kay Murchie
Bond markets hit by ongoing Greek debt fears
There are renewed fears over the Greek debt crisis after a hammering of bond prices by investors took the yield on short-term Greek debt up to 8% yesterday - almost 3% higher than in October 2009. There is now speculation that Greece will be seeking a bailout sooner rather than later with one analyst suggesting that Greece will ...



March 31, 2010

Bank of Ireland sees no end to economic crisis

by Kay Murchie
”Bank
The Bank of Ireland has today reported a loss of €3 billion (£2.6 billion) in the first nine months of its financial year, with write-downs totalling €4 billion. In a statement, the bank said: "Revenues remain under pressure, in particular due to higher funding costs as we continue to extend the maturity profile of our wholesale funding." It also said ...



March 25, 2010

EU summit agrees bailout for Greece

by Kay Murchie
EU summit agrees bailout for Greece
The two-day EU summit, which commenced in Brussels today, saw a deal reached to help Greece through its debt crisis. According to Brussels, the package (which has yet to be approved by other euro zone nations) will total €23 billion (£21 billion) and will include help from the International Monetary Fund (IMF). The two-day summit of the 27 EU member states was ...



March 24, 2010

Fitch Ratings downgrades Portugal’s sovereign debt

by Kay Murchie
...



March 22, 2010

Further fears for Greece following central bank report

by Kay Murchie
Further fears for Greece following central bank report
There were further fears for debt-stricken Greece today after the country’s central bank, the Bank of Greece (BoG), said economic growth will fall this year by 2%, worse than the Government's forecast of between 1.2% and 1.7%. According to the BoG: "The Greek economy has fallen into a vicious circle with only one way out: the drastic reduction of ...



March 18, 2010

Euro falls as Greece warns it could seek IMF help

by Kay Murchie
Euro falls as Greece warns it could seek IMF help
The euro tumbled again today after Greek Prime Minister, George Papandreou, warned that Greece might have to seek help from the International Monetary Fund (IMF). The currency fell to 1.3648 dollars, before recovering to 1.3692 dollars, however it was still down from 1.3735 dollars late in New York yesterday. Today, Mr Papandreou told the EU parliament in Brussels: "This ...



March 11, 2010

Greece at standstill again in third general strike

by Kay Murchie
”Greece
Crisis-hit Greece has come to a standstill again today after workers staged the third general strike in as many weeks. The further strike comes after austerity measures to rescue Greece’s debt-stricken economy angered Greek trade unions. Greece is currently taking action to reduce its public deficit from 12% to 8% of GDP this year. The country currently has the highest debt ...



March 3, 2010

Euro rises amid new austerity measures in Greece

by Kay Murchie
Euro rises amid new austerity measures in Greece
The Greek Government has today unveiled a new series of measures aimed at tackling the country’s debt problems, which has resulted in the euro recovering 0.3% to $1.3637. Growing fears over the debt crisis in Greece have weakened the value of the euro in recent weeks as Greece takes action to reduce its public deficit from 12% to 8% of ...



January 4, 2010

Report reveals more pension woes

by Kay Murchie
Report reveals more pension woes
Fears over the future of final salary pension schemes has reared its ugly head again after a report from the Association of Consulting Actuaries (ACA) revealed that nine out of 10 such schemes are now closed to new members. The ACA, which questioned over 300 companies, found that employers continue to shy away from these high cost schemes with 87% of workplace final ...



December 18, 2009

BoE report reveals financial sector is strengthening

by Kay Murchie
”BoE
In its twice-yearly Financial Stability Report, the Bank of England said that over the last six months, the financial sector has become "significantly more stable”. While the Bank acknowledged that commercial banks still had more to do to improve their long-term stability, action taken to strengthen the sector, such as historically low interest rates and its quantitative easing scheme, had improved ...



November 9, 2009

FSA chief issues jail warning to financial firms

by Kay Murchie
”FSA
The Financial Services Authority's (FSA) chief executive is calling for ethical behaviour within the financial world. Hector Sants, chief executive of the City regulator, said he is “unconvinced” that top executives have accepted the need to change and operate in a different manner following the financial crisis that rocked the world. In a speech to the City, Mr Sants said: “It ...



October 9, 2009

Leading economist warns ‘crisis is not yet over’

by Kay Murchie
”Leading
Nouriel Roubini, a leading US economist who was accurate in predicting the severity of the financial crisis, has warned "the crisis is not yet over." Mr Roubini, a New York University professor, told the BBC yesterday of his concern that we are already "planting the seeds of the next crisis". He comments: "I see an economy where the consumers are ...



October 7, 2009

Retirement age must increase to 75

by David Masters
Retirement age must increase to 75
Everyone in the pensions industry knows the retirement age must be increased to 75 if a pensions crisis is to be averted, an industry expert has claimed. Robin Ellison, pensions consultant at international law firm Pinsent Masons, said the retirement age needs to go up to match an increase in life expectancy. "When state pensions were first introduced into Britain 100 years ago, ...



November 17, 2008

Citigroup slashes a further 50,000 jobs

by Kay Murchie
”Citigroup
US banking giant Citigroup is to slash 52,000 jobs, far more than analysts had predicted. The job losses are in addition to the 23,000 staff cut already this year and the total 75,000 job losses represent a reduction of approximately 20% of its workforce, leaving it with 300,000 jobs globally. The bank, which is one of the largest banks in the US, has ...



September 18, 2008

Fears for the future of Goldman Sachs and Morgan Stanley

by Kay Murchie
Fears for the future of Goldman Sachs and Morgan Stanley
The remaining two independent investment banks on Wall Street are today surrounded by merger speculation after shares in the two organisations plummeted over recent days. Despite assurances from Goldman Sachs and Morgan Stanley, investors have still abandoned ship. Monday saw the collapse of Wall Street giant, Lehman Brothers, which was forced to file for bankruptcy after announcing it had ...



September 15, 2008

Wall Street crisis could threaten UK mortgage market

by Gill Montia
Wall Street crisis could threaten UK mortgage market
A crisis on Wall Street is likely to put further pressure on the UK's frozen mortgage market, which had been showing signs of a thaw in recent weeks. Over the weekend talks to rescue investment bank, Lehman Brothers, ended in disarray and the 158-year-old institution is today filing for bankruptcy protection. The bank is a major underwriter of mortgage-backed securities which ...



Global markets fall amid Lehman uncertainty

by Kay Murchie
”Global
Within the first few minutes of trading today, the London Stock Exchange opened down 2.5% following the uncertainty surrounding Lehman Brothers, the fourth largest investment bank in the world. The 158-year-old financial institution is filing for bankruptcy protection after announcing it had failed to find a solution to its problems after a weekend of rescue talks with Barclays and Bank of ...