Finance
The Explanation for Unpayable Debts
That's what we use: money based on debt. If we don't have debt, we don't have money. When the debt disappears, so must the...
German Roman Catholics face Holy Communion denial for unpaid church tax
German Roman Catholics are to be denied the right to Holy Communion or religious burial if they stop paying a special church tax. A German...
Russell Wasendorf Sr. admits Peregrine Financial Group $100M fraud
Russell Wasendorf Sr., founder of futures broker Peregrine Financial Group, has pleaded guilty to a fraud involving 24,000 customers in the state of Iowa. The embezzlement,...
Mark Zuckerberg disappointed by Facebook stock
Mark Zuckerberg, the boss of social network Facebook, has spoken for the first time of the drop in his company's market value. Mark Zuckerberg called...
Asian stock markets rise after ECB announces new plans for eurozone
Asian stock markets have risen, joining a global rally, after European Central Bank’s president, Mario Draghi, unveiled a plan targeted at easing the region's...
Mario Draghi unveils European Central Bank’s bond-buying euro debt plan
European Central Bank’s president, Mario Draghi, has unveiled details of a new bond-buying plan aimed at easing the eurozone's debt crisis. Mario Draghi said the...
Nguyen Duc Kien’s arrest in Vietnam triggers Asia Commercial Bank run
Depositors in Vietnam have withdrawn hundreds of millions of dollars from Asia Commercial Bank, one of the country's largest banks, after the arrest of...
George Soros invests in Manchester United football club
Billionaire George Soros has bought a stake in Manchester United football club, a US regulatory filing showed. George Soros' investment fund bought about 3.1 million...
Pebble Beach Concours d’Elegance 2012: 1928 Mercedes Benz wins Best of Show
Considered the most prestigious event of its kind, Pebble Beach Concours d'Elegance ("a competition of elegance") is the conclusion of a week long festival...
Facebook shares plunge to a new low as lockup expired for initial investors
Facebook's stock plunged to an all-time low today as the market braced for the company's insiders to dump their stock after the expiration of...
Standard Chartered to pay $340 million for Iran deals
British bank Standard Chartered has agreed a $340 million settlement with New York regulators that accused it of hiding $250 billion of transactions with...
Eurozone economy shrinks by 0.2% from April to June
The economy of the eurozone shrank 0.2% in the three months from April to June compared with the previous quarter. The figures from Eurostat covering...
German economy grew by 0.3% in the second quarter of 2012
German economy grew by 0.3% in the second quarter of 2012, helped by exports and domestic consumption. Earlier, France announced its economy had recorded zero...
Standard Chartered bank in $250 billion scheme with Iran for nearly a decade
Standard Chartered bank illegally "schemed" with Iran to launder as much as $250 billion for nearly a decade, a US regulator says. The New York...
Knight Capital close to a $400 million rescue deal
Knight Capital is reported to be close to reaching a $400 million rescue deal with a group of investors, which would allow it to...
US Olympic medal winners taxed on their prize money
US medal-winning athletes at the Olympics will have to pay tax on their prize money - something which is proving controversial in the US. But...
European markets fall following ECB’s proposals
European markets have fallen after the European Central Bank (ECB) president Mario Draghi said the bank would come up with ways to help struggling...
UBS lost $356 million by investing in Facebook shares
Swiss bank UBS lost 349 million Swiss francs ($356 million) by investing in Facebook shares, more than halving its profits. UBS's second quarter profits were...
US economy growth slows to 1.5% in second quarter
The US economic growth slowed in the second quarter to an annualized pace of 1.5%, as consumer spending eased. But growth in the first three...
Facebook shares fall to a new low
Facebook shares have fallen to a new low, as concerns about its mobile strategy sparked a sell-off when markets opened on Friday. Late Thursday, in...
Germany at risk to lose its AAA credit rating
Moody's has warned the outlook for Germany's AAA credit rating is negative, the first step towards a possible downgrade. Credit ratings agency Moody's said the...
Greece: troika to audit country’s progress on debt reduction
Representatives from the troika of international lenders arrive in Greece on Tuesday to assess its progress towards reducing its huge debts. They must decide whether...
Spain rattles markets as Valencia is seeking for funding help
Fears that other Spanish regions may follow Valencia in seeking a bailout from Madrid have rattled markets. A local newspaper in Murcia, one of Spain's...
Global super-rich elite hiding at least $21 trillion in secret tax havens
A major study has found that global super-rich elite had at least $21 trillion hidden in secret tax havens by the end of 2010. The...
Spain’s borrowing costs increased with 3 billion Euros
Debt-laden Spain has raised 2.98 billion Euros on the financial markets, but was forced to pay higher interest rates. The average yield on bonds repayable...
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