Scale of withdrawals from Greek banks has led to speculation that eurozone-wide guarantee is need to maintain confidence. Police are urging Greeks to keep their money in bank accounts rather than putting it at risk of theft, amid further uncertainty about whether the austerity-struck country will remain in the eurozone. Greece's banks are likely to be shored up on Friday or Monday with €18bn (£14
forexsq.com - European Union leaders, advised by senior officials to prepare contingency plans in case Greece decides to quit the single currency, urged the country to stay the course on austerity and complete the reforms demanded under its bailout program.
After nearly six hours of talks held during an informal dinner, leaders said they were committed to Greece remaining in the euro zone, but
European leaders discussed ways to revive their economies on Wednesday night, with growth and jobs on the agenda along with the situation in Greece. Following are comments by EU leaders and officials after the talks ended early on Thursday: GERMAN CHANCELLOR ANGELA MERKEL ON GREECE: "We want Greece to stay in the euro, but we insist that Greece sticks to commitments that it has agreed to." EUROPE
forexsq.com - China’s factory activity appeared set for a seventh straight month of contraction in May, according to HSBC data released Thursday, with export orders shrinking to erase one of the bright spots in the previous month’s numbers.
The preliminary or “flash” headline reading of the HSBC manufacturing Purchasing Managers’ Index (PMI) dropped to 48.7 in May on a 100-point scale, down fr
forexsq.com - European leaders were locked in deep divisions over the future of Greece and the single currency, with Germany and France at loggerheads for the first time in 30 months over how to restore confidence in the euro. A special EU summit marking the debut of France's President François Hollande saw him challenge Germany's chancellor, Angela Merkel, on the euro, arguing that the pooling o
forexsq.com - Bernard L Madoff ran the biggest Ponzi scheme in history, operating it for 30 years and causing cash losses of $19.5bn. Shortly after the scheme collapsed and Madoff confessed in 2008, evidence began to surface that for years, major banks had suspected he was a fraud. None of them reported their suspicions to the authorities, and several banks decided to make money from him without,
forexsq.com - Facebook just joined a “troubled club,” warns the Economist. Now it’s just another “endangered public company.”
Yes, endangered. The number of public companies has declined 37% since 1997. The number of IPOs has dropped from 311 annually before 2000 to 99 the past decade. Meanwhile, the smart CEOs and the Super Rich are “going private,” to avoid government red tape restricting ca
forexsq.com - The European Central Bank is keeping Greek banks afloat with emergency assistance even though urgently needed banking reforms have been put on hold in the election campaigns. As Greeks withdraw money from the banks amid fears of a euro exit, the ECB's own risk exposure is mounting. When the head of Greece's central bank, George Provopoulos, recently met with his European counterpart
forexsq.com - Even before the news was official, it filtered out — unofficially — to Wall Street. On a trading floor in Midtown Manhattan, the squawk boxes were set to relay a market-moving bulletin at 10 a.m. This was the news: An analyst at the investment house was raising his assessment of Amkor Technology, a big name in computer chips. But it was only 9:30, and Amkor’s share price was already
forexsq.com - European shares were called to open lower on Monday after world leaders backed keeping Greece in the euro zone on Saturday and vowed to take all steps necessary to combat financial turmoil while revitalizing a global economy increasingly threatened by Europe's debt crisis. A summit of the G8 leading industrialized nations came down solidly in favor of a push to balance European aust
forexsq.com - Facebook Inc. (FB) raised $16 billion in the biggest initial public offering by a technology company in history, pricing the shares at the top end of an increased range.
The social network sold 421.2 million shares at $38 each, a statement today shows. That values Facebook at $104.2 billion, making it the largest company to go public in the U.S. by market capitalization, accordin
forexsq.com - Facebook Inc. co-founder Eduardo Saverin, who became a billionaire through the social network’s initial public offering, said he’ll pay “hundreds of millions of dollars” in taxes to the U.S. government.
Singapore-based Saverin, who was born in Brazil and moved to the U.S. as a child, used his life savings of $30,000 to fund Mark Zuckerberg’s plan for a social-networking site. Fac
forexsq.com - Greek voters are returning to the establishment parties that negotiated its bailout, a poll showed on Thursday, offering potential salvation for European leaders who say a snap Greek election next month will decide whether it must quit the euro.
The poll, the first conducted since talks to form a government collapsed and a new election was called for June 17, showed the conservat
forexsq.com - Facebook Inc. (FB) co-founder Eduardo Saverin will save at least $67 million in federal income taxes by dropping U.S. citizenship, according to a Bloomberg analysis of the company’s stock price. Those savings will keep growing if Facebook’s shares increase.
Saverin renounced his citizenship around September and he lives in Singapore, according to his spokesman, Tom Goodman. Saver
forexsq.com - clients of troubled Spanish bank Bankia, nationalized last week, have taken out over 1 billion euros ($1.3 billion)from their accounts since last Wednesday, El Mundo newspaper reported on Thursday citing information from a board meeting held yesterday and seen by the paper.
Bankia did not respond to requests on Wednesday asking if there had been mass withdrawals of cash from depo
