Tuesday, 20 September 2011

International financial news

Reported by AAP
Tuesday, September 20, 2011
 
A roundup of news in finance, economics and business from around the world:

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INTERNATIONAL NEWS
ATHENS - Greece will continue talks with the IMF and EU on Tuesday after being warned to tighten austerity measures and ramp up state asset sales to secure rescue funds and stave off bankruptcy early next month.
VOULIAGMENI - Greece will remain in recession for all of 2012 with an annual contraction of 2.5 per cent, but could return to growth by 2013, the International Monetary Fund said on Monday during a symposium on the Greek debt crisis.
BRUSSELS - The European Central Bank spent less money trying to keep down the borrowing costs of struggling countries such as Italy and Spain last week.
MADRID - Bad loans from Spanish banks, a major source of concern to financial markets, rose in July to the highest level in 16 years at nearly seven per cent, the Bank of Spain said on Monday.
WASHINGTON - US President Barack Obama and German Chancellor Angela Merkel spoke by phone on Monday to discuss the need for action on the eurozone crisis and the Middle East, the White House said.
WASHINGTON - An impassioned President Barack Obama has set up an acerbic and personal clash with Republicans, demanding $US1.5 trillion in new taxes on the rich in a plan aimed at slashing the deficit.
STRASBOURG - Europe's rights court will rule on Tuesday in former oil giant Yukos's case against Russia, where the defunct company claims it was illegally targeted by the state over tax fraud.
STOCKHOLM - A Swedish court says it will rule within days on whether Saab can re-organise under bankruptcy protection, in a move that could postpone the demise of the beleaguered Swedish carmaker.
OTTAWA - Canada's Labour Minister Lisa Raitt vowed on Monday to step in to end any work stoppage at Air Canada to protect a fragile economic recovery, as the airline's flight attendants threatened to strike.
LONDON - European planemaker Airbus has raised its long-term industry forecast, despite markets turmoil, but warned of a possible "dollar crunch" among European banks that could restrict aircraft financing.
LONDON - Luxury carmaker Jaguar Land Rover (JLR) on Monday announced a new investment of STG355 million ($A544.4 million) to build low-emission engines at a site in Wolverhampton, in the British Midlands industrial region.
ASUNCION - Paraguay ordered an immediate halt to beef exports Monday after detecting foot-and-mouth disease in cattle from a farm northeast of Asuncion, in a move that could devastate the country's cattle industry.
WASHINGTON - The ecosystem of applications built for Facebook has created at least 182,000 jobs and contributes billions of dollars in wages and benefits to the US economy, according to a study published on Monday.
SAN FRANCISCO - Google is ready to open its smartphone wallet to the public.
NEW YORK - Tyco International Ltd plans to separate into three independent, publicly-traded companies, a move that will mark its second break-up since 2007.
NEW YORK - US stocks slid Monday, snapping a five-session winning streak as traders worried about a possible Greek public debt default and eurozone inaction to confront the crisis.
LONDON - European stocks slumped and the euro fell sharply against the dollar on heightened fears of another global financial crisis as Greece went into talks to secure critical rescue loans and a new political feud emerged in the United States.
HONG KONG - Asian stocks and the euro fell after European finance heads failed to agree on a plan to solve the region's debt woes, while they also put off a decision on releasing rescue funds to Greece.
WELLINGTON - The New Zealand dollar rose against the greenback, after the latest bid by Greek officials to convince international lenders they could narrow their deficit saw Wall Street pare losses.
LOCAL NEWS
SYDNEY - The Australian dollar is weaker on Tuesday morning, as Greece continues talks with the International Monetary Fund (IMF) and the European Union (EU after being warned to tighten austerity measures.
SYDNEY - The Australian market looks set to open little changed - or lower if it follows the slides on international markets overnight.
CANBERRA - The federal coalition wants the government called to account for leaving farmers high and dry with its under-funded exit grant scheme.
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20/09/2011 21:59Sydney, Australia. 20 September,2011

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