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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.

Bankers whisper: Spain's bailout bill could rise

May 8, 2013 18:40
By Sarah White MADRID (Reuters) - Spain's bill to bail out its banks may yet rise, some bankers and analysts fear, as a worsening economy hampers the government's early attempts to sell off nationalized lenders and threatens the "bad bank" housing their rotten property deals. Spanish banks say the worst is behind them after steep losses last year and they are now recovering - a view broadly shared by authorities such as the European Commission, backer of a 41 billion euro ($54 billion) rescue of ailing lenders.

Germany's Merkel not to blame for austerity: EU's Barroso

May 8, 2013 18:03
BERLIN (Reuters) - German Chancellor Angela Merkel is not to blame for the austerity policies being imposed elsewhere, the head of the European Commission was quoted on Sunday as saying, in an apparent attempt to mend fences with Berlin. European Commission President Jose Manuel Barroso drew fire from Germany last month for saying that austerity had "reached its limits", in a public challenge to Europe's biggest economy, which has long championed fiscal restraint.

Slovenia considers privatizations to avoid bailout

May 8, 2013 17:27
By Marja Novak LJUBLJANA (Reuters) - Slovenia is looking to sell its largest telecoms operator and second largest bank, sources said, as it steps up efforts to shore up its finances and avoid an international bailout. The country is racing to convince investors it has a credible strategy for raising the funds it needs to stay solvent, and is due to adopt an economic reform program on Thursday before presenting it to the European Commission.

Treasury says to begin selling remaining GM stake

May 7, 2013 13:00
WASHINGTON (Reuters) - The Treasury Department said on Monday it will begin another round of sales of the General Motors Co <GM.N> stock it acquired during the government's bailout of the U.S. auto sector. The move follows a registration statement by GM last month making it easier for the Treasury to sell its remaining 241.7 million shares, or nearly 18 percent, of common stock of the No. 1 U.S. automaker. It also will bring GM a step closer to eliminating the stigma of government ownership.

Portugal sells 10-year bonds for first time since 2011 bailout avoided financial collapse

The Canadian PressMay 7, 2013 07:00
LISBON, Portugal - Portugal sold 10-year bonds Tuesday for the first time since it needed a bailout in 2011, representing a milestone in efforts to restore investor confidence in the frail eurozone country and prove that contested austerity policies are paying off. Though Portugal remains a ward of its bailout creditors and a full economic recovery will still take years, its success in raising 3 billion euros ($3.9 billion) on international markets was a welcome positive sign for European leaders eager to put a three-year financial crisis behind them.

Asian stocks mixed, Tokyo surges after holiday

Agence France-PresseMay 7, 2013 00:15
Asian markets were mixed Tuesday with Tokyo soaring on its first day of trading after a four-day holiday weekend and other major bourses following an uncertain lead from Wall Street and European stocks. Tokyo surged 2.84 percent, hitting an almost intra-day 5-year high, as investors caught up with a string of positive reports from last week, including a favourable US jobs report and an ECB interest rate cut. Hong Kong opened down but rebounded to sit flat late morning while Shanghai was also flat after recovering from earlier losses.

Portugal pushes ahead with sweeping spending cuts

Agence France-PresseMay 6, 2013 11:46
Portugal on Monday pushed ahead with deeply unpopular plans to slash 30,000 public sector jobs by launching talks with unions as part of a sweeping savings package to satisfy international creditors. The new "medium-term programme", which also includes pushing back the full pension age for civil servants from 65 years to 66 years and extending their work-week to 40 hours, was announced on Friday.

Portugal pushes ahead with sweeping spending cuts

Agence France-PresseMay 6, 2013 09:45
Portugal on Monday pushed ahead with deeply unpopular plans to slash 30,000 public sector jobs by launching talks with unions as part of a sweeping savings package to satisfy international creditors. The new "medium-term programme", which also includes pushing back the full pension age for civil servants from 65 years to 66 years and extending their work-week to 40 hours, was announced on Friday.
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