Emerging Europe: Special focus

Emerging Europe: Special focus

Exploring the banking and capital-market landscape

Iran's pivotal moment

Iran's pivotal moment

Tehran is at a crossroads…

Tuesday, February 28, 2012

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WireTap 0900 28/02/12

by Euromoney Skew

A round-up of the key stories across the specialist financial media, including news that Angela Merkel has won a parliamentary vote to approve Greek aid.



Merkel wins Greek aid vote after warning lawmakers

German Chancellor Angela Merkel has won a parliamentary vote on Greek aid after warning German lawmakers that pushing Greece out of the euro would risk “incalculable” damage.

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S&P downgrades Greece to selective default 

Standard & Poor's has cut Greece's long-term ratings to 'selective default', the second ratings agency to do so after the country announced a bond swap plan to lighten its debt burden.

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HSBC faces surging overseas pay costs

HSBC is facing rapidly rising wage costs in fast-growing economies, including China, India and Brazil. The bank may also face criminal charges in the US in relation to transactions involving “Iranian parties.”

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Insider Targets Expanding

Federal authorities are seeking to build insider-trading cases against roughly 120 individuals on and off Wall Street in an expanding criminal insider-trading investigation that has shaken the financial and corporate worlds.

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European Stocks Sneak Higher

European stock markets opened slightly higher Tuesday, with investors encouraged by improving U.S. economic data, while crude-oil futures continue to ease after last week's strong rally, providing some relief to worries about fresh headwinds for the global economy.

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Final days of Ricardo Salgado and Banco Espírito Santo

Euromoney Pulse Survey: Renminbi’s internationalization continues apace
When BES collapsed earlier this year, markets briefly feared a return of the crisis to Portugal and to Europe. Even after the bank's bailout, investigators still pore over bank documents, transfers and deals, trying to make sense of Salgado’s last days battling to keep his empire afloat. The backstory is of an extraordinary decades-long rivalry between the country's two pre-eminent business families.