Britain's four biggest lenders have passed the Bank of England's stress tests, which are designed to show their ability to withstand a new economic crisis, the central bank said Tuesday.
Barclays, HSBC, Royal Bank of Scotland (RBS) and Lloyds Banking Group (LBG), are strong enough to cope with a painful downturn that would see house prices plunge by 35 percent, inflation surge and unemployment soar, it said in a statement.Full Story
The Russian ruble on Monday fell to new lows despite repeated interventions by the central bank to keep the national currency afloat.
The ruble crumbled to 58.81 to the dollar and 73.23 to the euro after the Moscow Exchange opened Monday morning.Full Story
Oil prices bounced back in Asia Monday on hopes of upbeat global manufacturing data to be released later this week, but remained near five-year lows after plunging more than 50 percent since June.
U.S. benchmark West Texas Intermediate rose 49 cents to $58.30 while Brent gained 68 cents to $62.53 in afternoon trade, reversing losses in both contracts in early trading.Full Story
Addicted to liquidity and disconnected from the real economy, global markets are likely to dance in 2015 to the different monetary policy tunes played by the U.S. Fed, the ECB and China, while plunging oil prices could spice up the mix.
In 2015, "like the last seven years, it is the central bank interventions which will have an influence over the markets," said Romain Boscher, a stock portfolio manager at Amundi.Full Story
Australia's budget deficit is forecast to balloon to Aus$40.4 billion (U.S.$33.2 billion) this financial year as the government struggles with a sharp slump in commodity prices, Treasurer Joe Hockey said Monday.
In the national budget released in May, the government forecast a Aus$29.8 billion deficit for 2014/15, but it revised the figure Monday, citing lower tax revenues and delays in passing legislation.Full Story
The Indonesian rupiah Monday sank to its lowest level against the dollar since the Asian financial crisis 16 years ago, as emerging markets are hit hard by signs of recovery in the U.S.
The unit was down 1.8 percent in early afternoon trade, at 12,690 to the dollar, its lowest level since August 1998, around the time Southeast Asia's biggest economy was devastated by serious financial turmoil.Full Story
Ratings agency Fitch cut France's credit grade by one notch to "AA" on Friday, saying Paris's efforts to trim its fiscal deficit have fallen short to avoid a downgrade.
"The weak outlook for the French economy impairs the prospects for fiscal consolidation and stabilizing the public debt ratio," Fitch said.Full Story
Australia's government warned of further job losses Saturday as media reports said around 175 government agencies working in areas as diverse as Antarctic science and drought will be scrapped.
The conservative administration of Prime Minister Tony Abbott which came to power in September 2013 has consistently argued that government had become too big and wasteful under the previous Labor leadership.Full Story
The Democratic-led Senate was expected to approve a massive spending bill that would prevent a U.S. government shutdown, despite strong objections from liberals to provisions rolling back bank regulations imposed in the wake of the 2008 financial crisis.
The fight over the $1.1 trillion spending bill reflected the Republicans' newly gained leverage after their sweeping victories in last month's midterm elections.Full Story
Spinneys and Air France-KLM join forces to bring customers extra benefits through their loyalty programs.
Recently, Spinneys and Air France-KLM joined forces to further reward the loyalty of its customers. Customers can now benefit from both companies’ loyalty programs to gain extra profits when shopping at Spinneys.Full Story