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Portugal Finance Minister Vitor Gaspar

European Debt Crisis: Portugal, Greece Dominate Storyline

Portugal and Greece dominated the headlines out of Europe Wednesday, as both nations appeared to be opening new chapters in the continuing Eurozone sovereign debt crisis. Paradoxically, positive developments in one country were actually seen as the reason negative news were emerging from the other.

In Spite of Antics and Best Efforts, Greece Default Likely: UBS

A Greek and an EU flag fly over the Greece's Finance Ministry in Athens
The chief economist at Swiss banking giant UBS said Tuesday afternoon that Greece would likely default on its sovereign debt obligation, putting underwriters of insurance against such an event on the hook for billions of dollars in payments. He was only the latest market observer to say a default was imminent.
Bank of America

Bank of America Laying off 20% of Asian Staff

Bank of America-Merrill Lynch, the second-largest U.S. bank by assets, is cutting around a fifth of its managing directors across its Asia investment banking division, sources said on Monday, in a bid to cut costs as the outlook sours in a once-booming region.
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Ben Bernanke on screen at the Chicago Mercantile Exchange.

7 Positive Predictions for Investors in 2012

With less than two weeks left before the end of the year, all kinds of market participants, from economists at multinational banks to stock bloggers in their bedrooms, have begun to give their predictions for 2012. Here is a lucky set of seven predictions that could benefit investors next year.
U.S. Investment Outlook

Bank Strategists: Put Your Money in Good Companies, and Leave It Be

As unprecedented conditions continue to buffet the U.S. equities, and investors pull tens of billions out, investment managers are increasingly counseling their clients on what could be the most basic of stock market strategies: put your cash in mature high-dividend shares of mature companies, and stop fussing.
IMF's Chief of Mission Thomsen arrives at the finance ministry in Athens

Global Markets Fall Amid Concern Over EU Crisis Pact

But skepticism crept in as investors are unconvinced apparently that the Eurozone has solved its problems and finally has it right in the attempt to solve Europe's sovereign debt crisis. Credit rating agency Moody's summed it up best in a weekly credit report, perhaps, saying last week's summit and plan offers few new measures.
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Wall Street Pay Could Fall 30%: Report

Annual compensation for employees at big Wall Street firms could fall 27-30 percent from a year earlier to the lowest level since the 2008 financial crisis, the Wall Street Journal reported, citing a compensation study conducted by the Options Group.
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Spain Short-term Yields Leap After Election

Spain's Treasury paid the highest yields in 14 years to issue short-term bills on Tuesday, in a sign that a resounding election victory for the center-right People's Party on Sunday has done little to soothe investor nerves.
Clouds pass over Capitol Hill in Washington

Super Committee Chairs Announce Deadlock

The members of the super committee officially announced a failure to reach a deal on cutting at least a $1.2 trillion hole in the federal budget deficit, ahead of its official Nov. 23 deadline. The move has sent lawmakers searching for a new plan and ways to dodge blame.
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Ex-UBS star shakes and stirs at BofA Asia

When some bankers arrived late for work at Bank of America-Merrill Lynch's Asia headquarters in Hong Kong earlier this year, they found a Post-It note on their computer screens.
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Inflation eases but rate cut seen less likely

Canada's annual inflation rate moderated in October from a near three-year high in September but was still higher than expected, scaling back market bets for a central bank interest rate cut.
South African rands

S.Africa rand steadies, yields down as bonds edge up

South Africa's rand reversed its earlier losses against the dollar on Wednesday and government bond yields pulled back from the previous day's multi-week highs as local assets took a breather from a hammering brought on by global risk aversion.
A currency dealer counts Kenya shillings at a money exchange counter in Nairobi

Kenya shilling falls for second day, stocks slip

The Kenyan shilling reversed early gains to close weaker against the dollar for the second straight session on Tuesday, hurt by telecom sector demand for dollars, while stocks extended losses to a fifth day.
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Kenya shilling gains ground, stocks slide

The Kenyan shilling gained against the dollar on Tuesday aided largely by banks selling greenbacks as high interest rates squeezed shillings out of the market, while stocks edged lower in thin volumes.
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Societe Generale Scraps Dividend After Rough Q3

Societe Generale , France's second-biggest listed bankon, scrapped its 2011 dividend on Tuesday to help bolster capital when reporting quarterly profit fell sharply, hit by charges including Greek debt writedowns.
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Credit Suisse to Cut Another 1,500 Employees

Credit Suisse will cut another 1,500 jobs and scale back its capital-guzzling investment banking business as it seeks to meet tough new regulations ahead of other banks after the unit reported disappointing third-quarter results.

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