May 14th
LONDON, May 14 — HSBC boss Stuart Gulliver needs to map out his route to recovery for the bank’s European and US businesses at a strategy update this week to bolster confidence in a turnaround plan that has shown progress on cost cutting and asset sales. First-quarter results from Europe’s biggest bank last week showed Gulliver, a 32-year HSBC …
Here is the original post: Europe, US key to next stage of HSBC turnaround
May 14th
SAN FRANCISCO, May 14 — Yahoo Inc chief executive Scott Thompson has stepped down after a controversy over a fake computer science college degree on his biography, t he third CEO in three years to leave the Internet company struggling to define its future. The departure is a victory for hedge fund manager Daniel Loeb of Third Point LLC, which is …
See the article here: Yahoo CEO out, board settles with investor Loeb
May 13th
LONDON, May 13 — Spain’s clean-up plan for its troubled banks lacks some of the key ingredients that helped other governments restore faith in their financial sectors, restructuring experts say, pointing to a potential need for heavier state intervention. Madrid told lenders on Friday to put aside even more funds against potential losses from ..
See the article here: Fears over Spain linger despite banking plan
May 13th
ADELAIDE, May 13 — Top crude exporter Saudi Arabia wants an oil price of around US$100 (RM307) a barrel and would like to see global inventories rise before demand picks up in the second half of the year, Oil Minister Ali al-Naimi said on Sunday. International Brent crude settled at US$112.26 on Friday, well off a peak of over US$128 in March
See original here: Saudi says US$100 per barrel great price for oil
May 13th
BEIJING, May 13 — China, Japan and South Korea will set in motion formal talks for a three-way free trade pact and unveil an accompanying investment treaty at a summit in Beijing on Sunday.
See the rest here: East Asian powers set to push trade pact talks
May 12th
LONDON, May 13 — Confidence is already in short supply in financial markets and could evaporate further in the coming week if investors judge that Europe’s often fractious political leaders aren’t mapping out a sustainable path through the current crisis. Over the past week investors have been rocked by the increased likelihood of Greece leaving …
See the original post here: Pressures intensify on European leaders
May 12th
SHANGHAI, May 12 – China’s central bank cut the amount of cash that banks must hold as reserves today, pumping out more funds that could be used for lending to head off sharper slowdown in the world’s second-largest economy. The People’s Bank of China delivered a 50-basis-point cut in banks’ reserve requirement ratio (RRR), effective from May …
Read the original here: China central bank cuts bank reserves to boost economy
May 12th
NEW YORK, May 12 – Chesapeake Energy Corp said it had received a US$3 billion (RM9.22 billion) loan from Goldman Sachs and Jeffries Group that will give it breathing room to sell assets and close a funding gap this year.
Go here to read the rest: Chesapeake wins breathing space with US$3b loan
May 12th
LONDON, May 12 – Two 1960s British petrol stations were recently awarded Grade II protected status, fuelling interest in an establishment whose architecture is usually associated with drab uniformity. English Heritage awarded the accolades to a UFO-style winged station on the A1 at Markham Moor in Nottinghamshire and a second station with six ..
Read more here: British petrol stations receive architectural honour
May 12th
NEW YORK, May 12 — JPMorgan Chase & Co lost US$15 billion (RM 46 billion) in market value and a notch in its credit ratings on Friday while a chorus of regulators and politicians reacted to its surprise US$2 billion trading loss by demanding stiffer oversight for the banking industry. The loss by one of Wall Street’s most respected banks ..
View post: JPMorgan US$2 billion loss hits shares, credit, image