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Banking

WireTap 0900 28/02/12

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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