Financial Markets

Financial MarketsBay Ledger News Zonebill@blnz.comtag:www.blnz.com,2009:topics/financial_marketsCyprus MPs study bailout 'Plan B' as meltdown loomstag:www.blnz.com,2009:2013/03/22/Cyprus_study_bailout_Plan_meltdown_bc60

Cyprus is scrambling to overhaul its banking sector to avoid financial meltdown, after the European Central Bank threatened to pull the plug on emergency funding for the island's lenders.

2013-03-22T08:39:33ZAFP Global Editionby Charlie CharalambousBP says to return $8 bn to shareholderstag:www.blnz.com,2009:2013/03/22/says_return_shareholders_e78f

British energy giant BP on Friday said it would return up to $8.0 billion (6.2 billion euros) to company shareholders by repurchasing shares, a day after completing the sale of its stake in a Russian joint-venture.

2013-03-22T07:53:42ZAFP Global EditionBy Staff ReporterCyprus launches banking overhaul as meltdown loomstag:www.blnz.com,2009:2013/03/21/Cyprus_launches_banking_overhaul_meltdown_cd56

Cyprus is scrambling to overhaul its banking sector to avoid financial meltdown, after the European Central Bank threatened to pull the plug on emergency funding for the island's lenders.

2013-03-22T03:17:57ZAFP Global Editionby Charlie CharalambousIMF urges Iraq to bolster non-oil sectortag:www.blnz.com,2009:2013/03/21/urges_Iraq_bolster_non-oil_sector_e5c5

The IMF forecast Thursday that Iraq's economy would grow around nine percent this year helped by surging oil production, but said Baghdad needs to do more to support private, non-oil business.

2013-03-21T22:19:05ZAFP Global EditionBy Staff ReporterBrazil, China to ink deal on trade in national currencytag:www.blnz.com,2009:2013/03/21/Brazil_China_deal_trade_national_c515

Brazil hopes to sign a bilateral accord with China to promote trade in their national currencies at next week's BRICS summit of the world's five emerging powers, Trade and Industry Minister Fernando Pimentel said Thursday.

2013-03-21T21:45:00ZAFP Global EditionBy Staff ReporterS&P cuts Cyprus rating as banking meltdown loomstag:www.blnz.com,2009:2013/03/21/cuts_Cyprus_rating_banking_meltdown_ec3b

Ratings firm Standard & Poor's dealt a further blow to reeling Cyprus Thursday, cutting its credit rating as the eurozone country struggles to avoid a banking sector meltdown.

2013-03-21T21:27:18ZAFP Global EditionBy Staff ReporterItaly president to unveil decision on new government Fridaytag:www.blnz.com,2009:2013/03/21/Italy_president_unveil_decision_government_bba8

Italian President Giorgio Napolitano said he will announce on Friday his decision on who will be asked to form a government after inconclusive elections in the austerity-stricken country and amid rising tensions in the eurozone.

2013-03-21T21:21:01ZAFP Global Editionby Ella IdeUS stocks drop on Cyprus, weak earningstag:www.blnz.com,2009:2013/03/21/stocks_drop_Cyprus_weak_earnings_24e0

US stocks fell Thursday, hit by uncertainty over the Cyprus banking crisis and some surprisingly weak corporate earnings.

2013-03-21T20:54:52ZAFP Global EditionBy Staff ReporterRajaratnam's brother charged in Wall St insider casetag:www.blnz.com,2009:2013/03/21/Rajaratnams_brother_charged_Wall_insider_0d91

US prosecutors unveiled insider trading charges Thursday against the brother of disgraced hedge fund manager Raj Rajaratnam in the latest chapter of a giant Wall Street fraud investigation.

2013-03-21T20:31:32ZAFP Global EditionBy Staff ReporterS&P cuts Cyprus rating one notch to 'CCC'tag:www.blnz.com,2009:2013/03/21/cuts_Cyprus_rating_notch_CCC_f02d

Ratings firm Standard & Poor's cut troubled Cyprus' sovereign credit rating by one notch on Thursday citing "acute problems" in Cyprus's banking sector.

2013-03-21T20:24:55ZAFP Global EditionBy Staff ReporterOverhaul of Cyprus banks on cards as meltdown loomstag:www.blnz.com,2009:2013/03/21/Overhaul_Cyprus_banks_cards_meltdown_bc0d

Cyprus Thursday was examining an overhaul of its banking sector to avoid financial meltdown after the European Central Bank threatened to pull the plug on emergency funding for the island's banks.

2013-03-21T18:24:50ZAFP Global Editionby Charlie CharalambousCyprus brinksmanship could spin out of control: analyststag:www.blnz.com,2009:2013/03/21/Cyprus_brinksmanship_could_spin_control_8fce

As the EU raised the spectre of a eurozone exit for Cyprus, experts warned on Thursday of the consequences of brinksmanship from Brussels to Moscow in the race to fix new bailout terms.

2013-03-21T17:41:29ZAFP Global EditionBy Staff ReporterFTSE 100 shares close lowertag:www.blnz.com,2009:2013/03/21/FTSE_shares_close_lower_0b81

London shares closed lower on Thursday as traders looked past positive economic data to focus on bleak eurozone news, notably fallout from the Cyprus bailout impasse.

2013-03-21T17:18:27ZAFP European EditionBy Staff ReporterEuropean stocks retreat on disappointing data, Cyprustag:www.blnz.com,2009:2013/03/21/European_stocks_retreat_disappointing_data_ce55

European stock markets slid Thursday as disappointing eurozone data and the Cyprus bailout impasse overshadowed strong Chinese economic performance.

2013-03-21T17:17:04ZAFP Global EditionBy Staff ReporterSpanish banks see profits after 'horrific' 2012tag:www.blnz.com,2009:2013/03/21/Spanish_banks_profits_after_horrific_496f

Spain's battered banks predicted Thursday they will turn a profit this year after a "horrific" 2012 in which the overall industry recorded losses for the first time in its history.

2013-03-21T17:15:44ZAFP Global Editionby Amelie BaubeauNYSE eyes Suntech listing after bankruptcy filingtag:www.blnz.com,2009:2013/03/21/NYSE_eyes_Suntech_listing_after_e4a4

The New York Stock Exchange said Thursday it was reviewing the listing of Suntech Power Holding Co.'s US-traded shares after the giant solar-panel maker's main China unit moved into bankruptcy reorganization.

2013-03-21T16:35:05ZAFP Global EditionBy Staff ReporterIrish economy grows by 0.9% in 2012: official datatag:www.blnz.com,2009:2013/03/21/Irish_economy_grows_09_2012_556f

Ireland's bailed-out economy grew by 0.9 percent in 2012 but stagnated in the final quarter of the year, official data for the troubled eurozone nation showed on Thursday.

2013-03-21T16:32:06ZAFP Global EditionBy Staff ReporterSpain borrowing costs dip despite Cyprus crisistag:www.blnz.com,2009:2013/03/21/Spain_borrowing_costs_despite_Cyprus_a931

Spain's borrowing costs dipped in a bond auction Thursday, easing concerns that a feared banking meltdown in Cyprus could scare investors away from other troubled eurozone states.

2013-03-21T16:23:11ZAFP Global EditionBy Staff ReporterMoody's cuts Egypt bond rating to Caa1tag:www.blnz.com,2009:2013/03/21/Moodys_cuts_Egypt_bond_rating_5ff7

Credit ratings agency Moody's said on Thursday it has downgraded Egypt's government bond ratings by one notch to Caa1 from B3, saying political instability had "significantly weakened" the economy.

2013-03-21T16:15:57ZAFP Global EditionBy Staff ReporterCyprus banks face meltdown as ECB ready to pull plugtag:www.blnz.com,2009:2013/03/21/Cyprus_banks_face_meltdown_ready_b114

The European Central Bank warned Thursday it was ready to pull the plug on emergency funding for Cyprus banks as the island's politicians scrambled to raise billions of euros to head off financial meltdown.

2013-03-21T14:42:14ZAFP Global Editionby Charlie Charalambous