Archive for October, 2015

Greek banks must find up to 14.4 bn euros after ECB stress test

October 31st, 2015

Greek banks must find up to 14.4 bn euros after ECB stress test

A man walks past a Piraeus Bank branch in Athens on October 31, 2015Four major Greek banks must find up to 14.4 billion euros ($15.8 billion) to survive potential economic shocks, the European Central Bank said Saturday after they underwent an in-depth financial health check. The figure was less than anticipated under recapitalisation plans agreed with Greece's partners. Greece's Alpha Bank, Eurobank, the National Bank of Greece and Piraeus Bank were all submitted to a health check by the ECB known as a "comprehensive assessment".

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Economy News Headlines – Yahoo! News

Sherwin-Williams says new paint will kill bacteria

October 31st, 2015

Sherwin-Williams says new paint will kill bacteria
Sherwin-Williams wants to paint a cleaner picture of hospitals.



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Latest financial news – CNNMoney.com

Peru's Garcia promises 6 percent growth if elected to third term

October 31st, 2015

Peru's Garcia promises 6 percent growth if elected to third term

Peru's outgoing President Alan Garcia leaves the presidential palace to attend a mass in LimaBy Mitra Taj and Marco Aquino LIMA (Reuters) – Peru's former president Alan Garcia kicked off his campaign for a third term with a promise to deliver economic growth of at least 6 percent per year through more public works and mining investments. Garcia, a towering figure known as a one of the Spanish-speaking world's best orators, told his supporters in a sports stadium it would be easy to achieve such high growth rates, even as a commodities slump has knocked Peru's key mineral exports and dragged on growth during President Ollanta Humala's administration. Garcia, who is trailing third in polls, said he would slash red tape, build 200,000 public works with the help of local governments and encourage mining investments if he won a new term in elections scheduled for April next year.

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Economy News Headlines – Yahoo! News

Greece's FinMin satisfied with bank results, optimistic on recap

October 31st, 2015

Greece's FinMin satisfied with bank results, optimistic on recap
Greek Finance Minister Euclid Tsakalotos said on Saturday he was satisfied with the results of stress tests on the country’s four main banks and confident they would successfully recapitalize by the end of the year. Greece’s banks need 14.4 billion euros ($15.85 billion) of fresh capital in an adverse scenario of economic performance, the European Central Bank said on Saturday, in health checks to start the rehabilitation of the country’s lenders. In checks on the financial strength of the four main banks – National Bank of Greece, Piraeus, Alpha Bank and Eurobank – the ECB determined that even should the economy perform as forecast, under a so-called baseline scenario, the banks would need 4.4 billion euros ($4.8 billion).
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Economy News Headlines – Yahoo! News

Turkey prepares to vote – again

October 31st, 2015

Turkey prepares to vote – again
Turkey prepares to vote in a second general election in a year but analysts warn it may not a quick fix for the nation’s political and economic woes. Paul Chapman reports.


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Reuters Video: Business

Saudi Arabia says hopes Iran will use sanctions money for development

October 31st, 2015

Saudi Arabia says hopes Iran will use sanctions money for development
MANAMA (Reuters) – Saudi Arabia hopes Iran will use the financial proceeds it secures after sanctions are lifted after its nuclear deal with world powers to develop its economy rather than for “aggressive policies”, Foreign Minister Adel al-Jubeir said on Saturday. He added that he believed the conflict in Saudi Arabia’s neighbor Yemen, where it is backing forces fighting the Iran-allied Houthi group, was entering a “final phase”, citing military advances made by a Riyadh-led coalition. (Reporting By William Maclean; Writing by Angus McDowall)
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Economy News Headlines – Yahoo! News

Einhorn's Greenlight Capital up in October, down year-to-date: source

October 31st, 2015

Einhorn's Greenlight Capital up in October, down year-to-date: source
BOSTON – Hedge fund manager David Einhorn, who has been nursing some of the year’s biggest losses, posted tiny gains in October when the U.S. stock market had a strong showing, a person familiar with…


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Reuters: Money

GLOBAL MARKETS-Stocks slip, but post best month in 4 years; oil gains

October 31st, 2015

GLOBAL MARKETS-Stocks slip, but post best month in 4 years; oil gains
NEW YORK, Oct 30 (Reuters) – Oil gained on Friday while stocks on Wall Street closed lower even as major U.S. and European stock indices posted their best month in at least four years, boosted in…


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Reuters: US Dollar Report

CANADA FX DEBT-C$ at strongest in a week as US$ retreats

October 31st, 2015

CANADA FX DEBT-C$ at strongest in a week as US$ retreats
(Adds strategist comment, details, updates prices) * Canadian dollar at C$1.3075, or 76.48 U.S. cents * Bond prices little changed across maturity curve By Alastair Sharp TORONTO, Oct 30 (Reuters) -…


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Reuters: US Dollar Report

ECB to say how much Greek banks need to survive

October 31st, 2015

ECB to say how much Greek banks need to survive

Piggybank painted in colours of Greek flag stands in front of letters spelling word 'GREECE' in this picture illustration taken in BerlinThe European Central Bank is expected to say on Saturday that Greek's battered banks need up to 14 billion euros ($15.4 billion) in fresh capital in order to survive. It comes after years of economic decline in Greece – bailed out three times by international lenders – that has forced some 42 billion euros to be set aside against bad loans. If it is not done by the end of the year, new European Union rules mean large depositors such as companies may have to take a hit in their accounts.

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Economy News Headlines – Yahoo! News