Foreign Exchange Market Backs Away From Risk
The practice of borrowing in low-yielding currencies to take advantage of higher yields in others is not as common as it has been.
Maersk Cuts Shipping Again as Demand Slows
The largest container shipping line in the world, A.P. Moeller-Maersk A/S, announced that it is cutting 19 ships from Asia-Europe trade lanes as demand falls and expenses rise.
Inflation, Unemployment Both Rise in Eurozone
Inflation in the eurozone rose higher than expected, lessening the likelihood that the ECB would cut interest rates on Thursday. Unemployment also rose, setting a record for the currency bloc.
Diamond Pressured as Barclays’ Agius Steps Down
Barclays Chairman Marcus Agius resigned from his post after a LIBOR-rigging scandal resulted in a fine of 290 million pounds. CEO Bob Diamond remained at the helm despite calls for his ouster.
RBS Next to be Fined in LIBOR-Rigging Scheme
The inquiry into a LIBOR-rigging scheme looks set to claim another quarry as RBS will reportedly be fined about 150 million pounds.
European Banking Union Not Enough: Investors
Investors, apparently, not only lack faith in officials to take decisive action on the debt crisis but also do not seem to believe that a bold solution proposed by some can work—because it does not go far enough.
Regulators Casting Light on Shadow Banks
Concerns that shadow banks have no backstop in case of crisis and offer opportunities to engage in risky, if not illegal behavior, are pushing regulators for the G20 to look more closely at such institutions.