The biggest threat to Britain's economy is its huge budget deficit, and an emergency budget on Tuesday will save the country from the fate of debt-stricken Greece, British finance minister George Osborne said on Sunday.
The Australian Dollar opens higher this morning and is exchanging at 0.8678. In the offshore session to dollar moved between 0.8580 and 0.8680 as risk appetite returned to the markets.
The biggest threat to Britain's economy is its huge budget deficit, and an emergency budget on Tuesday will save the country from the fate of debt-stricken Greece, British finance minister George Osborne said on Sunday.
(Corrects maximum payroll tax break size in paragraph 14)
Tensions in global financial markets stemming from the euro zone's sovereign debt crisis appear to be easing, setting the stage for investors to dip back into risky assets in the second half of this year.
Europe will push for a swift exit from fiscal stimulus programs and a focus on budget consolidation at the G20 meeting next week, German Chancellor Angela Merkel said on Saturday.
With the U.S. team playing in the World Cup tournament, Wall Street traders are taking advantage of mediocre volume to focus on the games, with trading floor atmosphere anything but dull.
BP shares gained in London on Friday after its boss survived a bruising encounter with U.S. lawmakers and as hopes rose its $20 billion oil spill compensation and clean-up fund will cap public anger.
With gold prices soaring to new heights, people are lining up to sell off their old gold at jewellery shops. But Britain is witnessing a strange phenomenon with jewellery shops fleecing many customers.
Investors set aside sovereign debt fears and shifted their money to higher-returning assets in mid June, with emerging market assets and U.S. equities among the recipients of fresh cash, EPFR Global said in a report on Friday.
BP Plc bosses weathered a week of anger in Washington but the energy giant's financial outlook faces renewed scrutiny from investors trying to gauge remaining costs and risks from the biggest oil spill in U.S. history.
Lawmakers accused BP Plc Chief Executive Tony Hayward of evasion and ducking responsibility for the worst oil spill in U.S. history at a hearing on Thursday that was rocked by a Republican member of the panel apologizing to the company.
The Australian dollar has rallied more than half a US cent overnight on the back of gains in equity markets in Europe and the US. The AUD rallied to a high of USD0.8684, driven by stronger equity markets and investor confidence.
Broadcom Corp, whose chips power Apple Inc's iPad, expects more tablet computers using its chips to hit the U.S. market as early as this year, an executive for Broadcom said on Thursday.
The Australian Dollar spent the majority of local trade yesterday above the 0.8600 cents mark as risk appetite returned to the market with high yielders the main benefactor.
Lawmakers accused BP Chief Executive Tony Hayward of evasion and ducking responsibility for the worst oil spill in U.S. history when he appeared before them on Thursday to answer charges his company cut corners on its blown-out Gulf of Mexico well.
Angry U.S. lawmakers hammered BP Chief Executive Tony Hayward at a congressional hearing on Thursday, accusing his company of taking extreme risks that triggered the worst oil spill in U.S. history.
The following are comments by European Union leaders and other officials on Thursday in Brussels, where they were holding a summit to discuss economic governance.
EU PRESIDENT HERMAN VAN ROMPUY
We agreed that the so-called stress tests of the banks will be published at the latest in the second half of July.
European Union leaders moved toward agreement on Thursday on ways to strengthen budget discipline and economic policy coordination among the 27 member states to contain a euro zone debt crisis.
European Union leaders hope to agree on ways to strengthen budget discipline and economic policy coordination on Thursday to show financial markets they can prevent a repeat of the euro zone debt crisis.
David Cameron was all smiles when he began his first European Union summit as Britain's prime minister on Thursday but was quick to say he would defend national interests firmly.
(Corrects amount of safety net in 3rd para to 500-billion-euros ($617.2 billion))
