Markets glum over Cyprus, likely new HSBC job cuts

GENEVA, SWITZERLAND – HSBC is reportedly planning new job cuts in large numbers, according to the Financial Times Monday 18 March. The expected redundancies, which could axe up to 5,000 jobs says the newspaper, are part of £1 billion in savings promised last week by bank head Stuart Gulliver. Markets were already down across Europe […]

Surprise European agreement will give cash to troubled banks

Euro up sharply on the news, stocks rising BASEL / GENEVA, SWITZERLAND – Reactions are flowing in from the surprise nighttime decision 29 June by European Union leaders to focus on growth,in part by giving money directly to troubled banks in Spain, without increasing government debt, and in part by allowing Italy to use emergency […]

Spain to ask Europe for bank bailout funds Saturday

GENEVA, SWITZERLAND – Europe’s fourth largest economy, Spain is expected on Saturday 9 June to ask Europe for assistance for its failing banks, according to senior European Union and German sources , Reuters reports. The news agency reports that four EU officials said that a conference call is scheduled for Saturday afternoon to discuss a […]

Spain, IMF deny bailout rumors

GENEVA, SWITZERLAND – The International Monetary Fund (IMF) and Spain have both denied that bailout plans are being discussed as the organization’s chief Christine Lagarde meets with the Spanish deputy prime minister Soraya Saenz de Santamaria met Thursday 31 May in Washington. Spain’s economy minister Luis de Guindos denied any discussions with the IMF of a rescue […]

Investors shift to Swiss negative interest and US bonds as euro fears grow (update)

ZURICH, SWITZERLAND – The euro fell to a two-year low against the dollar in trading early Thursday over new fears that Spain may need a bailout, reports Reuters. Stock prices were down in Asia and investors are turning to US as well as Swiss bonds to park their capital, despite the low returns. Shortly before […]

Portugal passes muster for next funding round

Greeks bonds out as collateral GENEVA, SWITZERLAND – Portugal will get the nice euros 14 billion of the 78bn allotted to it as part of a european bailout package. The country’s spending cuts and ability to stay on target for reducing its debt were reviewed by a team that visited Monday, from the three agencies […]

Greeks demonstrate as minister joins EU to discuss austerity plan

GENEVA, SWITZERLAND – Greeks held two major demonstrations in Athens over the weekend to protest the country’s austerity plan, as their finance minister flew to Brussels for European Union talks on the plan Monday 20 February. The EU’s finance ministers are scheduled to discuss and vote on the plan, which they and the International Monetary […]

Greek emergency cabinet meeting as G20 argue in Cannes

CANNES, FRANCE – European Union leaders and the IMF, on the sidelines of the G20 meeting in Cannes 3 November, have given Greece an ultimatum, saying that its citizens must decide if the country will remain part of the eurozone: a vote against a recently negotiated bailout would be seen as a vote against Greek […]

Europe reacts strongly to Greek bailout vote proposal

GENEVA, SWITZERLAND – Europe’s politicians reacted with surprise and anger during the day Tuesday to the surprise announcement by Greek Prime Minister George Papandreou that he wants a referendum that will allow Greeks to vote on an EU bailout package. In Greece, there were calls Tuesday evening for the prime minister to resign. The package […]

Swiss central bank shows Q3 profit of CHF5.8b despite high franc

ZURICH / BERN, SWITZERLAND – The Swiss National Bank is showing a consolidated profit of CHF5.8 billion for the first nine months of the year, thanks primarily to gold prices. The profit was achieved despite an over-valued Swiss franc that caused losses of CHF4.7 billion. Other currency positions resulted in gains of CHF5 billion, giving […]