Mumbai: The market closed on a flat note looking cautious ahead of the second tranche of long term refinancing operation (LTRO) by European Central Bank to be announced after 15:45 hours IST. The market was quite strong since morning, but disappointing FY12 Q3 GDP data and cautious mood ahead of LTRO spoiled the bulls' party in last couple of hours of trade. The Sensex touched an intraday high of 18,001.35...
09:05 AM, Feb 29, 2012
Brussels: Euro zone finance ministers agreed a 130-billion-euro ($172 billion) rescue for Greece on Tuesday to avert an imminent chaotic default after forcing Athens to commit to unpopular cuts and private bondholders to take bigger losses. The complex deal wrought in overnight negotiations buys time to stabilize the 17-nation currency bloc and strengthen its financial firewalls, but it leaves deep doubts about Greece's ability to recover and avoid default in...
06:05 AM, Feb 22, 2012
Brussels: Eurozone finance ministers approved on Tuesday a second bailout for debt-laden Greece that will resolve Athens' immediate repayment needs but seems unlikely to revive the nation's shattered economy. After a marathon 12 hours of talks through the night, euro zone officials said ministers had agreed measures to cut Greece's debt to around 121 per cent of gross domestic product by 2020, close to their original target of 120, after...
10:03 AM, Feb 21, 2012
Washington: US-Iran ties hit a new low on Monday as the Obama administration ordered blocking of Iranian government properties and financial institutions in America. Obama said that additional sanctions are needed due to the "deceptive practices" by Iran's banks including the Central Bank to conceal transactions. The US has accused Iran of pursuing a nuclear weapons programme against stiff world opposition. Meanwhile, US banks have been given new powers to...
07:06 AM, Feb 07, 2012
Mumbai: Bankers on Thursday explored various options including conversion of the Rs 18,000 crore loans to SLR as part of the debt restructuring of the ailing Air India carrier and may finalise the bailout package next week. "We are looking at various instruments like SLR, long-term bonds and non-convertible debentures among others as part of the debt recast plan of Air India," Oriental Bank of Commerce Executive Director SC Sinha...
09:25 PM, Jan 19, 2012
Strasbourg: Europe is an a "very grave" economic situation, European Central Bank President Mario Draghi said on Monday, but he added that euro zone governments are progressing well with efforts to put their finances in order. Speaking in his capacity as head of Europe's recently created financial system super-watchdog, Draghi added that markets had to a large extent anticipated Standard and Poor's downgrade of a slew of euro zone countries...
09:39 AM, Jan 17, 2012
New Delhi: Central banks from six developed nations had to resort to coordinated action on November 30 to ensure that the European debt crisis did not fundamentally destablise the global financial system. Europe's rolling debt crisis continues to trouble economies and markets. To prevent a lack of liquidity in the global financial system, The US Federal Reserve, the European Central Bank and the central banks of Canada, Britain, Japan and...
08:37 PM, Nov 30, 2011
Rome: Technocrat leaders in Italy and Greece rushed to form governments as they sought to limit the damage from the euro zone debt crisis on Monday, and the euro climbed on relief that a key Italian bond auction drew decent demand from investors. The president of Italy asked former European Commissioner Mario Monti on Sunday to form a government to restore market confidence in an economy whose debt burden is...
06:15 PM, Nov 14, 2011
Athens: Former European Central Bank vice-president Lucas Papademos will head Greece's new crisis coalition, the president's office said on Thursday, charged with saving the country from default, bankruptcy and an exit from the euro zone. The coalition will be sworn in on Friday, an official in the president's office said. Papademos, a respected figure in European capitals and on financial markets, will lead a national unity government that must sign...
06:31 PM, Nov 10, 2011
Frankfurt: The European Central Bank cut interest rates by a quarter point to 1.25 per cent in a surprise move on Thursday, acting boldly to support the ailing euro zone economy at President Mario Draghi's first policy meeting in charge. The move gave an immediate boost to stock markets, which will be looking for any signal at Draghi's first post-policy meeting news conference on whether the ECB is ready to...
06:49 PM, Nov 03, 2011
New Delhi: Worried over rising prices, Finance Minister Pranab Mukherjee on Friday said the government has to tackle the supply side constraints, a major reason for double digit food inflation. "I am worried that food inflation has reached double digit figure. The last week figure was 10.62 per cent. Of course, for previous two weeks it was perilously close to double digit figure. But it crossed that limit," Mukherjee said...
02:09 PM, Oct 21, 2011
Frankfurt: The European Central Bank pulled Italy and Spain back from immediate financial disaster on Monday, driving down the countries' dangerously high interest rates by buying up billions of euros worth of their bonds on the open market. But the rescue mission does not address the roots of Europe's 21-month-old financial crisis, such as how to stop countries from building up the towering debts that led Greece, Ireland and Portugal...
01:06 AM, Aug 09, 2011
New York: World stocks fell for an eighth day on Friday, with around $2.5 trillion wiped off the value of global equities this week, but hopes the European Central Bank will buy the bonds of Italy's heavily indebted government helped lift markets off the lows of the day. Better than expected US monthly employment data also provided some Wall Street stocks with some support in a heavily traded session a...
07:30 AM, Aug 06, 2011
Dhaka: Nobel laureate Mohammed Younus, a celebrated pioneer of micro-finance was on Wednesday forced out from the Grameen Bank, he founded nearly three decades ago, amid a growing spat with the Bangladesh government, officials said. Yunus was relieved of his duties as Managing Director of the Grameen Bank, a central bank official said. "We have sent a letter to him (Yunus) containing the Bangladesh Bank decision." he said. The exit...
07:02 PM, Mar 02, 2011
New Delhi: The Reserve Bank of India (RBI) will issue guidelines for new banking licences by the end of the current fiscal. "RBI is planning to issue the guidelines for banking licences before the close of this financial year," Finance Minister Pranab Mukherjee said on Monday during his presentation of the Budget 2011-12. In the last Budget, it was announced that the Reserve Bank of India would consider giving traditional...
12:00 PM, Feb 28, 2011
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