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European stocks slump after Tokyo plunge

Agence France-PresseMay 23, 2013 19:36
European stock markets slumped on Thursday, with most indices dropping more than 2.0 percent after Tokyo shares plunged owing to weak Chinese data and signs that the US Federal Reserve may soon taper massive stimulus measures, analysts said. London's benchmark FTSE 100 index sank 2.16 percent to stand at 6,692.39 points in afternoon deals, Frankfurt's DAX 30 fell 2.67 percent to 8,303.28 points and in Paris the CAC 40 shed 2.39 percent to 3,954.31. The Madrid market gave up 1.82 percent and Milan dropped 2.72 percent.

European stocks slump in wake of Tokyo plunge

Agence France-PresseMay 23, 2013 12:30
European stock markets slumped Thursday, with most indices dropping more than 2.0 percent after Tokyo shares plunged owing to weak Chinese data and signs that the US Federal Reserve may soon taper massive stimulus measures, analysts said. London's FTSE 100 index of leading shares fell 2.10 percent to 6,696.79 points, while in Frankfurt the DAX 30 index also dropped 2.10 percent to 8,351.98 points. In Paris the CAC 40 shed 2.07 percent to 3,967.15 points, while Milan plunged 3.06 percent and Madrid slid 1.40 percent.

ECB's Draghi: Europe's banking reform must include agency to wind down busted banks

The Canadian PressMay 23, 2013 11:42
FRANKFURT - European Central Bank President Mario Draghi said it was "imperative" that Europe's leaders create a new agency with powers to restructure busted banks in order to help the region leave its economic and financial crisis behind it once and for all. In the text of a speech to be delivered in London Thursday, Draghi said the new agency would keep troubled banks from burdening governments through bailout costs — thereby cutting the vicious link that has helped drive Europe's three-year crisis over too much debt.

US new home sales rise 2.3 per cent in April while median home prices hit record high

The Canadian PressMay 23, 2013 11:39
WASHINGTON - U.S. sales of new homes rose in April and nearly matched the fastest pace in five years, driving the median price to a record high. The gains suggest the housing recovery is strengthening. New-home sales increased 2.3 per cent in April from March to a seasonally adjusted annual rate of 454,000, the Commerce Department said Thursday. That's only slightly below January's pace of 458,000, which was the fastest since July 2008.

TSX, U.S. indexes dip as world markets plunge on Chinese manufacturing data

The Canadian PressMay 23, 2013 10:32
TORONTO - Toronto and U.S. stock markets racked up losses Thursday amid a contraction in Chinese manufacturing that drove Tokyo's Nikkei index down to levels not seen in more than two years. The S On Wall Street, the Dow Jones industrials fell 12.67 points to 15,269.93, the S The 7.3 per cent slide in the Nikkei to 14,483.93, which was also partly blamed on a spike in Japanese government bond yields, amounted to the biggest drop for the index since Japan was hit by a devastating earthquake and tsunami more than two years ago.

AIG eyes new director with regulatory experience

May 23, 2013 02:45
By Nadia Damouni and Paritosh Bansal (Reuters) - American International Group Inc's <AIG.N> board is looking for a new director with regulatory experience, as the insurer readies for the government to classify it as big enough to merit greater scrutiny, according to two sources familiar with the situation.

ECB can expand its tools to fight crisis: board member

May 22, 2013 17:31
By Jason Lange WASHINGTON (Reuters) - The European Central Bank could expand its policy toolkit if needed to battle deflation risks, a top ECB official said on Wednesday, adding that the central bank was also weighing measures to encourage more lending in the euro zone. Peter Praet, a member of the ECB's executive board, said a deflationary spiral must be avoided in the crisis-stricken currency block and that deleveraging by the region's banks could hurt economic growth and push the inflation rate too low.

Bank of Canada's Carney says Europe needs big reforms

May 21, 2013 22:16
By Leila Lemghalef MONTREAL (Reuters) - Europe could face a decade of stagnation unless it makes big reforms and it should heed the lessons of Japan, Bank of Canada Governor Mark Carney said on Tuesday as he highlighted Japan's bold moves to bolster growth. In his final speech as Canadian central bank chief before he takes over as governor of the Bank of England on July 1, Carney said Europe's recessionary economy is being held back by fiscal austerity, low confidence and tight credit conditions.

Ex-strategist can sue UBS as whistleblower: U.S. judge

May 21, 2013 20:32
By Nate Raymond NEW YORK (Reuters) - UBS AG lost a bid Tuesday to dismiss a whistle-blower lawsuit by a former commercial mortgage-backed securities strategist who said he was fired for refusing to publish misleading research reports. U.S. District Judge Jesse Furman in Manhattan found that Trevor Murray, who was fired in February 2012, could move forward with his case. Murray alleges that after he complained to superiors, the Swiss bank retaliated against him in violation of the Dodd-Frank Act.

Julie Dickson not serving second term as OSFI chief, finishes July 2014

The Canadian PressMay 21, 2013 11:20
OTTAWA - The head of Canada's financial watchdog is not going to serve a second term. Julie Dickson, head of the Office of Superintendent for Financial Institutions, will finish her term on July 4, 2014. She took over the job in July 2007, just ahead of the global financial crisis that plunged Canada into a deep recession. Dickson, who has been widely praised for her no-nonsense approach to bank business practices, had been deputy superintendent and acting superintendent before taking over the top job at the financial regulator.
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