Category Archives: Business
Euro zone loses patience with Greece
BRUSSELS (Reuters) – Euro zone finance ministers told Greece on Saturday it could not go ahead with an agreed deal to restructure privately-held debt until it guaranteed it would implement reforms needed to secure a second financing package from the euro zone and the IMF. Euro zone ministers had hoped to meet on Monday to … Continue reading
Eurogroup’s Juncker warns of possible Greece default
BERLIN (Reuters) – The possibility of a sovereign default by Greece cannot be ruled out, Jean-Claude Juncker, head of the Eurogroup of finance ministers from the single currency zone, said in a German magazine on Saturday. In an advance copy of comments to news weekly Der Spiegel, Jean-Claude Juncker was quoted as saying Greece could … Continue reading
Walgreen sales hit by exit from Express Scripts
(Reuters) – Walgreen Co is being hit by its withdrawal from the Express Scripts Inc pharmacy network and by a much-weaker-than-expected flu season, leading it to temper its expectations for the number of prescriptions it will fill this year. Walgreen said on Friday that it now expects prescriptions filled in fiscal 2012 to be around … Continue reading
Micron CEO dies in plane crash, industry stunned
BOISE, Idaho/SAN FRANCISCO, Feb 3 – Micron Technology Inc Chief Executive and Chairman Steve Appleton died in a small plane crash on Friday, a major loss for a U.S. memory chipmaker already struggling with sluggish computer sales and declining prices. The 51-year-old Appleton, a three-decade industry veteran who performed stunts at airshows, died after the … Continue reading
Deutsche Boerse board member wants CEO out: paper
FRANKFURT (Reuters) – Deutsche Boerse’s chief executive Reto Francioni should step down following the collapse of its $ 7.4 billion plan to merge with NYSE Euronext , a member of the German exchange operator’s supervisory board told a newspaper. “The question needs to be asked whether there have to be consequences (for management),” Johannes Witt, … Continue reading
Greece says bank recapitalization agreed, but issues remain
ATHENS (Reuters) – Greece has agreed with euro zone partners on how to recapitalize Greek banks after a planned bond swap, but has yet to resolve issues related to labor reform and spending cuts in talks with lenders, the country’s finance minister said on Saturday. Evangelos Venizelos described a conference call on Saturday with counterparts … Continue reading
Hungary seeks 15-20 billion euro IMF/EU credit line: official
BUDAPEST (Reuters) – Hungary is seeking an international credit line of 15 to 20 billion ($ 20 to $ 26.3 billion) euros, the secretary of state heading the prime minister’s office, Mihaly Varga, was quoted on Saturday as saying. Hungary is seeking backup from the International Monetary Fund and the European Union to reassure investors … Continue reading
Caterpillar to close London, Ont. locomotive plant
(Reuters) – Caterpillar Inc has decided to close its Electro-Motive locomotive plant in London, Ontario, and lay off at least 450 workers following several months of unsuccessful contract negotiations with the Canadian Auto Workers union. The move deals a tough blow to the Canadian labor market, which has been under pressure from a strong Canadian … Continue reading
Goldman to face mortgage debt class-action lawsuit
(Reuters) – Goldman Sachs Group Inc was ordered by a federal judge to face a securities class-action lawsuit accusing it of defrauding investors about a 2006 offering of securities backed by risky mortgage loans from a now-defunct lender. U.S. District Judge Harold Baer in Manhattan certified a class-action lawsuit by investors led by the Public … Continue reading
Central bank liquidity tap to stay open
LONDON (Reuters) – After a blockbuster January for both equities and bonds – rallies that caught many in the market by surprise – investors will be paying keen attention to the world’s central banks in the coming week for signs of continued easy money. They will also be closely watching negotiations over a second bailout … Continue reading
