The Societe Generale de Banque au Liban and the European Investment Bank have signed an agreement for the establishment of a credit line of 15 million euros to partially finance investment projects of Small and Medium Enterprises and Industries in Lebanon.
“This operation is part of chapter III of the plan for financing private sector investments in Lebanon, launched by the EIB in October 2011,” the European bank said in a press release.Full Story
The health of 15 of the world's largest financial institutions has been called into serious question after Moody's downgraded their credit ratings, citing risk exposure and the Eurozone crisis.
Some of the biggest names in banking -- including Goldman Sachs, Barclays, Citigroup, HSBC and Deutsche Bank -- saw their ratings slashed Thursday, spelling increased investor scrutiny and potentially higher borrowing costs.Full Story
Oil prices fell in Asian trade Thursday on rising U.S. crude stockpiles while traders were also disappointed by muted stimulus measures from the Federal Reserve, analysts said.
New York's main contract, light sweet crude for August delivery, shed $1.09 to $80.36 a barrel in the afternoon of its first trading day and Brent North Sea crude for delivery in August retreated 47 cents to $92.22.Full Story
Russia's second-largest airline, Transaero, agreed Thursday to buy four Airbus A380 jets in a deal worth $1.7 billion becoming the first ex-Soviet carrier to order the world's biggest passenger jet.
The contract was signed by Transaero's general director Olga Pleshakova and Airbus Executive Vice-President Europe, Christopher Buckley at the annual Saint Petersburg Economic Forum.Full Story
Oracle boss Larry Ellison has bought a Hawaiian island from a fellow multi-billionaire businessman, the governor of the U.S. Pacific Ocean state said Wednesday.
Ellison, co-founder and chief executive officer of the tech giant, has purchased 98 percent of the 141 square mile (365 square kilometer) island of Lana'i from its owner Castle & Cooke, said governor Neil Abercrombie.Full Story
Nissan Motor is cutting its production in Japan by 15.0 percent from next month in a response to surging manufacturing costs driven by a stronger yen and weakening domestic demand, reports said Thursday.
The company will suspend one of two production lines at the Oppama factory south of Tokyo, resulting in its domestic annual output falling to 1.15 million vehicles from 1.35 million, according to the Nikkei business daily and domestic agencies Jiji Press and Kyodo News.Full Story
Procter and Gamble warned on Wednesday a slowdown in developed countries hitting demand for its consumer products and negative foreign exchange effects would lead to a drop in sales and profits.
The U.S. group which owns some of the best known brands in the world such as Gillette razors and Tide laundry detergent said it expects $0.75-0.79 earnings per share in the quarter ending this month.Full Story
European leaders scrambled to buy themselves time in the battle to save the Eurozone Tuesday, promising their G20 partners they would integrate their banking sector and restart growth.
Backed by key EU members including Germany, France and Britain, the pledges came at the end of two days of talks between the Group of 20 powers in the Mexican beach resort of Los Cabos, during which leaders from outside Europe demanded they take firm and quick action.Full Story
Dressed as Robin Hood, protestors rallied Tuesday at JPMorgan Chase bank in New York for a tax on bank transactions that aims to take from the rich and give to the poor.
The roughly 30 protestors -- representing some 10 organizations -- proposed a Robin Hood tax, designed to address the economic injustices of the 2008 crisis.Full Story
Spain will await the results of two audits of its stricken banks before finalizing a request for European funds to aid in their recapitalization, Prime Minister Mariano Rajoy said Tuesday.
Spain came under pressure from the leaders of the world's most powerful economies at the G20 summit in Mexico to move quickly to resolve its debt crisis, which has threatened the stability of the entire Eurozone financial sector.Full Story