Fitch has now downgraded four of the leading banks in Greece by one / two notches , due to the bulging deficit of the country. The rating agency is also likely to review the rating further by the end of March, based on major moves expected to be taken by the Greece government.
The cost of [...]
The European Union was formed a decade back with the backing of over 14 countries which were flourishing at that time. And it was formed as a strong competitor for the United States, and in the first few years the competition was very much successful.
But over the last two years the global crisis has been [...]
US employers unexpectedly cut 85,000 jobs in December, but the unemployment rate held steady at 10%, official figures have shown.
The number of job losses was surprising, particularly after November’s figures had been revised.
The US Labor Department had initially estimated that 11,000 jobs were cut in November, but now says that the economy had in fact [...]
British council leaders are attending a creditors’ meeting in Iceland to fight for more of their money back from one of the country’s ruined banks, Glitnir.
The local authorities had almost £900m ($1.5bn) of deposits in the country when a trio of its banks closed.
Most of the money was in Landsbanki, which granted the councils priority [...]
The Month of November 2009 has seen a sharp reversal in the fortunes of exports from India after a gap of over 12 months. The month of November 2009 has seen a massive 12% jump in exports in dollar terms , in spite of the US dollar strengthening against the Indian currency.
The exports have been [...]
US retail sales in November again rose by more than expected, according to official figures.
Sales rose 1.3%, the biggest gain in four months, the Commerce Department said, after retail sales in October climbed 1.1%.
Petrol sales jumped 6% and sales of cars, building materials and other goods helped push up the data.
Separate data also provided a [...]
The UK’s trade deficit with the rest of the world widened in October. Imports rose more than exports, an unexpected move given the weakness of the pound, which makes foreign-made goods more expensive in the UK. The deficit in goods and services was £3.2bn compared with £3.1bn in September, the Office for National Statistics said. [...]
The Dubai World is still in serious negotiations with the top bankers for rescheduling of over 25 billion dollars worth loans. The Dubai government controlled reality major is set to default on nearly four billion dollars of payments due on December 14th.
Standard and Poor’s has already downgraded four of the leading Dubai companies as part [...]
The foreign exchange problem for Brazil seems to be never ending. The country which was facing acute shortage of US dollars just three quarters back to pay for basic imports for the country, is now facing the other extreme stage of the problem.
Yes it is unable to manage the massive inflow of cheap US dollars [...]
The month of October 2009 has turned out to be wonderful for China, with all the key parameters showing fantastic strength. The trade surplus has doubled from 12 billion dollars in September to nearly 24 billion dollars in October.
Also the retail sales and industrial production have grown by 16% year on year , indicating a [...]
