The Wall Street Journal reports, an un-identified market participant, has asked a committee of the International Swaps and Derivatives Association, to rule on whether the passage of legislation, approving collective-action clauses for Greek debt, should trigger payouts on credit-default swaps, tied to Greek sovereign bonds. The move comes after Standard & Poor’s cut Greece’s long-term credit rating, to selective default from double-C, making Greece the first euro-zone member, officially to be rated in default, 13 years after the euro was adopted to strengthen the European Union. At stake are payouts from sellers of a net 3.2 billion dollars of CDS on Greece currently outstanding, and the stigma associated with lending credence, to an instrument policy makers have long reviled.
Bloomberg reports Economic confidence in the euro area, improved more than forecast in February, adding to signs the economy is stabilizing, after a fourth-quarter contraction. An index of executive and consumer sentiment in the 17- nation euro area, rose for a second month, increasing to 94.4 from 93.4 in January, the European Commission in Brussels said today. Germany’s economy, Europe’s largest, has helped soften the impact of tougher austerity measures across the region, as companies boost output and hiring, to meet export demand. German business confidence rose more than economists forecast, to a seven-month high in February and investors became more optimistic. European Central Bank President Mario Draghi has said, that while some euro-area nations may see a “mild” recession, the overall situation “seems to be stabilizing.”
Finally, Reuters reports, Yahoo has demanded licensing fees from Facebook, for use of its technology, the companies said on Monday, potentially engulfing social media in the patent battles and lawsuits, raging across much of the tech sector. Yahoo has asserted claims on patents that include the technical mechanisms in the Facebook’s ads, privacy controls, news feed and messaging service, according to a source briefed on the matter. Representatives from the two companies met on Monday, and the talks involved 10 to 20 of Yahoo’s patents, said the source. Yahoo’s patent claims follow Facebook’s announcement of plans, for an initial public offering, that could value the company at about 100 billion dollars.
The Wall Street Journal reports, an un-identified market participant, has asked a committee of the International Swaps and Derivatives Association, to rule on whether the passage of legislation, approving collective-action clauses for Greek debt, should trigger payouts on credit-default swaps, tied to Greek sovereign bonds. The move comes after Standard & Poor’s cut Greece’s long-term credit rating, to selective default from double-C, making Greece the first euro-zone member, officially to be rated in default, 13 years after the euro was adopted to strengthen the European Union. At stake are payouts from sellers of a net 3.2 billion dollars of CDS on Greece currently outstanding, and the stigma associated with lending credence, to an instrument policy makers have long reviled.
Bloomberg reports Economic confidence in the euro area, improved more than forecast in February, adding to signs the economy is stabilizing, after a fourth-quarter contraction. An index of executive and consumer sentiment in the 17- nation euro area, rose for a second month, increasing to 94.4 from 93.4 in January, the European Commission in Brussels said today. Germany’s economy, Europe’s largest, has helped soften the impact of tougher austerity measures across the region, as companies boost output and hiring, to meet export demand. German business confidence rose more than economists forecast, to a seven-month high in February and investors became more optimistic. European Central Bank President Mario Draghi has said, that while some euro-area nations may see a “mild” recession, the overall situation “seems to be stabilizing.”
Finally, Reuters reports, Yahoo has demanded licensing fees from Facebook, for use of its technology, the companies said on Monday, potentially engulfing social media in the patent battles and lawsuits, raging across much of the tech sector. Yahoo has asserted claims on patents that include the technical mechanisms in the Facebook’s ads, privacy controls, news feed and messaging service, according to a source briefed on the matter. Representatives from the two companies met on Monday, and the talks involved 10 to 20 of Yahoo’s patents, said the source. Yahoo’s patent claims follow Facebook’s announcement of plans, for an initial public offering, that could value the company at about 100 billion dollars.