Late-2000s financial crisis

General Motors stock rises above $33 initial public offering price for first time in 2 years

The Canadian PressMay 17, 2013 13:01

DETROIT - Shares of General Motors reached an important milestone on Friday, closing above their initial public offering price of $33 for the first time in more than two years. GM shares reached $33.77 Friday before slipping back to close at $33.42, up 3.2 per cent. The auto giant sold shares to the public for $33 in a November 2010 IPO, but they've traded below that price since May 4, 2011.

IMF says Cyprus economic outlook uncertain, faces risk of even deeper recession

The Canadian PressMay 17, 2013 12:00

WASHINGTON - The International Monetary Fund said Friday that substantial risks still loom for the Cypriot economy even after a multi-billion dollar international bailout aimed at averting a debt default. A new IMF report predicted a deep recession in Cyprus this year and next and said there is a danger that the downturn could be even more severe if authorities do not adhere strictly to conditions imposed as part of the $13 billion bailout deal.

Asia shares mostly up after US stocks dip

Agence France-PresseMay 17, 2013 07:15

Asian shares were mostly higher on Friday as Japanese stocks hit a fresh multi-year high after Wall Street dipped on weaker-than-expected economic data. The dollar gained slightly in Asia as investors cautiously adjusted their positions following the unit's recent surge, with brokers saying plenty of players, including importers, were willing to buy on dips. Tokyo gained 0.67 percent or 100.88 points to 15,138.12, Sydney rose 0.29 percent or 15.14 points to 5,180.8, while Shanghai jumped 1.38 percent or 31.06 points to 2,282.87.

Portugal bailout review completed: government

Thomson ReutersMay 14, 2013 19:16

LISBON (Reuters) - Portugal's government said on Sunday its EU and IMF lenders had concluded work on the latest bailout review, indicating there were no outstanding obstacles for Lisbon to receive the next 2 billion euro tranche of the rescue package. The review, which had been practically sealed in March, hit a snag early last month when the constitutional court threw out some of this year's austerity measures. But the government presented a plan to compensate for those, along with wider deficit reduction steps until 2015 worth 4.8 billion euros.

Cyprus aims to regain trust by 2016 after bailout cash

Agence France-PresseMay 14, 2013 09:05

Cyprus aims to recover market confidence by 2016 after receiving the first tranche of a 10 billion euro rescue package to save its recession-hit economy, Finance Minister Haris Georgiades said Tuesday. The EU on Monday handed over the first two billion euros of loans agreed under the controversial Cyprus aid deal, the bloc's European Stability Mechanism said in a statement.

Germany threatens new EU bailout plans

Agence France-PresseMay 13, 2013 19:30

Germany's finance minister warned that only EU treaty change would create the legal framework needed to allow the formation of a single bailout agency for its ailing banks, in an article for Monday's Financial Times. Wolfgang Schauble argued that until then, bank rescues would remain in the hands of "a network" of national authorities. "The EU does not have coercive means to enforce decisions," he wrote. "What it has are responsibilities and powers defined by its treaties," he added. "To take them lightly, as is sometimes suggested, is to tamper with the rule of law."

German exports see knock-on effect of eurozone crisis

Agence France-PresseMay 13, 2013 16:34

German exports, the driving force of Europe's top economy, are being weighed down by the eurozone debt crisis, data showed Friday, amid otherwise promising signs. Seasonally adjusted data showed that Germany's trade surplus fell slightly in March to 17.6 billion euros ($23.0 billion) from 17.7 billion euros in February, according to figures from the federal statistics office. Comparing the monthly figure to data 12 months ago, a decline of unadjusted exports data accelerated, with the value of exports falling by 4.2 percent, having shown a fall of 2.8 percent in February.

US prods Europe over growth ahead of G7 meet

Agence France-PresseMay 13, 2013 11:06

The United States called on Europe Wednesday to further ease fiscal consolidation to avoid more economic damage, ahead of talks among G7 finance chiefs on the global economy this weekend. Europe's leaders have been successful at removing some of the more immediate risks in the eurozone crisis, a senior US Treasury official said in a briefing on the US view ahead of the meeting outside London on Friday and Saturday. "Now the focus needs to shift to boosting demand and employment, to avoid lasting damage to the economy," the official told reporters.

Government says 58.4 million shares of General Motors stock sold so far this year

The Canadian PressMay 10, 2013 21:00

WASHINGTON - The government says it has sold another piece of its stake in General Motors Co. The Treasury Department said in its April report to Congress that so far this year it has sold 58.4 million shares of GM stock and earned net proceeds of $1.6 billion. At the end of April, Treasury had recovered about $30.7 billion of the $49.5 billion bailout it gave the Detroit automaker. That means that taxpayers are still $18.8 billion in the hole.

Greek finance minister: Greek economy will start to recover from 2014

The Canadian PressMay 9, 2013 04:15

ATHENS, Greece - Greece's finance minister says he believes Greece's battered economy will begin to recover starting next year, with the country's massive unemployment rate starting to fall from the end of 2014 onwards. Speaking in an interview broadcast Thursday morning on state-run NET television, Yannis Stournaras said the government's aim was to achieve a primary surplus — a surplus without taking into account interest payments on outstanding debt — by the end of this year.