The Wall Street Journal reports, Greece’s cabinet Friday approved details of a 100 billion euro debt write-down for the country, that is part and parcel, of a fresh multi-billion euro rescue plan Greece is seeking from its international creditors. After meeting for a little over one hour, cabinet ministers signed off on the deal paving the way for a formal announcement of the debt deal to be made later Friday. Earlier this week, euro-zone finance ministers approved a fresh 130 billion euro bailout for Greece and the debt-restructuring program. To secure that loan, Greek lawmakers are also scrambling, to pass further cutbacks—ranging from pension cuts to lowering the minimum wage, to reductions in defense and healthcare spending—by the middle of next week to meet the demands of the country’s European partners and the International Monetary Fund.
The Wall Street Journal also reports Japan’s financial regulator said Friday, it has halted operations of a little-known Tokyo money-management company, after the firm allegedly lost billions of dollars in client money. In one of the biggest cases of its kind in Japan, with Tokyo’s reputation as a financial center still bruised by the billion-dollar Olympus Corp. accounting scandal, the regulator said investigators found that AIJ Investment Advisors, can’t account for “most of” the 183 billion yen, or about 2.3 billion dollars, in pension-fund assets under management.
Reuters reports A Chinese firm trying to stop Apple Inc from using the iPad name in China has launched an attack on the consumer electronics giant’s home turf, filing a lawsuit in California that accuses it of employing deception when it bought the trademark. A unit of Proview International Holdings Ltd, a major computer monitor maker that fell on hard times during the global financial crisis, is already suing Apple in multiple Chinese jurisdictions and requesting that sales of iPads be suspended across the country.
Finally Bloomberg reports Stocks rose and oil extended its longest winning streak in two years as data from the U.S. to South Korea signaled an economic recovery. The cost of insuring European government debt fell and the yen weakened. The cost of insuring against a default on European government bonds fell for the first time in four days.
The Wall Street Journal reports, Greece’s cabinet Friday approved details of a 100 billion euro debt write-down for the country, that is part and parcel, of a fresh multi-billion euro rescue plan Greece is seeking from its international creditors. After meeting for a little over one hour, cabinet ministers signed off on the deal paving the way for a formal announcement of the debt deal to be made later Friday. Earlier this week, euro-zone finance ministers approved a fresh 130 billion euro bailout for Greece and the debt-restructuring program. To secure that loan, Greek lawmakers are also scrambling, to pass further cutbacks—ranging from pension cuts to lowering the minimum wage, to reductions in defense and healthcare spending—by the middle of next week to meet the demands of the country’s European partners and the International Monetary Fund.
The Wall Street Journal also reports Japan’s financial regulator said Friday, it has halted operations of a little-known Tokyo money-management company, after the firm allegedly lost billions of dollars in client money. In one of the biggest cases of its kind in Japan, with Tokyo’s reputation as a financial center still bruised by the billion-dollar Olympus Corp. accounting scandal, the regulator said investigators found that AIJ Investment Advisors, can’t account for “most of” the 183 billion yen, or about 2.3 billion dollars, in pension-fund assets under management.
Reuters reports A Chinese firm trying to stop Apple Inc from using the iPad name in China has launched an attack on the consumer electronics giant’s home turf, filing a lawsuit in California that accuses it of employing deception when it bought the trademark. A unit of Proview International Holdings Ltd, a major computer monitor maker that fell on hard times during the global financial crisis, is already suing Apple in multiple Chinese jurisdictions and requesting that sales of iPads be suspended across the country.
Finally Bloomberg reports Stocks rose and oil extended its longest winning streak in two years as data from the U.S. to South Korea signaled an economic recovery. The cost of insuring European government debt fell and the yen weakened. The cost of insuring against a default on European government bonds fell for the first time in four days.