Market Information
18-05-2012
National Bank of Greece Had Negative Equity at Year End
National Bank of Greece, the oldest Greek commercial bank, saw its financial condition so damaged by the crisis that it was operating with negative shareholder equity at the end of last year.
The bank revealed its precarious financial position in a filing with the Securities and Exchange Commission yesterday. According to the filing, the bank’s shareholder equity was $5,632,572 in the hole as of Dec. 31, 2011.
It's not clear whether National Bank continues to operate with negative shareholder equity. It has received government aid in recent months which may have tipped its shareholder equity position back into positive territory. The Hellenic Financial Stability Fund has promised to provide up to 6.9 billion euros to recapitalize National Bank.
The bank has said that it...
18-05-2012
Forget Greece, China Biggest Risk to Global Economy: Faber
Forget Greece, which is an "insignificant" economy, it is China that poses the biggest risk to the global economy, Marc Faber the editor and publisher of the Gloom, Boom and Doom report told CNBC on Friday.
"I think the biggest risk is...
18-05-2012
Fitch Cuts Greece As Leaders Spar Over Euro Membership
Greece’s credit rating was downgraded one level by Fitch Ratings on concerns the country won’t be able to muster the political support needed to sustain its membership in the euro area as leaders began campaigning ahead of the second...
18-05-2012
Santander Among 16 Spanish Banks Downgraded By Moody’s
Banco Santander SA (SAN) and Banco Bilbao Vizcaya Argentaria SA, Spain’s biggest lenders, were cut three levels by Moody’s Investors Service, which cited a recession and mounting loan losses in downgrading 16 of the nation’s banks....
18-05-2012
Obama, Hollande Meet For First Time Before G-8 Summit Convenes
President Barack Obama meets today with France’s new Socialist president and self-described “normal” guy in a test for U.S.-French relations as Obama tries to shape European economic and military commitments.
The late morning...
16-05-2012
Gold drops below $1525 on Greek effect
Gold dropped further in Asian trade Wednesday as Greek concerns continued to hit negatively on the markets.
Spot gold was seen trading at $1524.23 an ounce at 12.00 noon Singapore time while US gold for June was seen at $1536.45 an...
16-05-2012
Gold Tumbles Into Bear Market on Concern Greece May Leave Euro
Gold entered a so-called bear market, dropping for a fourth day, after Greek leaders failed to form a government, increasing speculation that the country may quit the euro and driving the Dollar Index (DXY) to a record advance....
16-05-2012
Gold Eclipsed by Dollar Haven as Goldman Sees Rally
Investors are reducing gold holdings for a third month, the longest stretch since 2004, and favoring the dollar as a haven from Europe’s debt crisis, even as Goldman Sachs Group Inc. predicts record prices for the metal.
Bullion...
16-05-2012
If Greece Quits Euro, Its Ruin Will Be Pointless
The chaos in Greece has resumed and a new election that nobody expects to resolve anything looms. Exasperated European Union officials have begun openly discussing the country’s exit from the euro currency system. This is a grave...
16-05-2012
Merkel-Hollande Meeting Yields Greece Growth Signal
German Chancellor Angela Merkel and French President Francois Hollande said they would consider measures to spur economic growth in Greece as long as voters there committed to the austerity demanded to stay in the euro.
Requests for...
16-05-2012
Housing Starts Probably Rebounded From a Five-Month Low
Builders in the U.S. probably broke ground on more houses in April, rebounding from a five-month low and indicating the industry is stabilizing, economists said before a report today.
Starts climbed 4.7 percent to a 685,000 annual rate,...
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