Central banks ready to act as world prepares for Greek poll
WASHINGTON/BRUSSELS - Central banks from major economies stand ready to take steps, including coordinated action, to stabilize markets as world economies prepare for a possible financial storm or public panic after cliffhanger elections in Greece this weekend.
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SEC Gives Companies OK to Use Social Media
WASHINGTON — The Securities and Exchange Commission will allow public companies to make significant announcements on Facebook, Twitter and other social media sites provided they alert investors which sites they intend to use. The decision announced Tuesday allows companies to use social media in place of more formal websites. The question arose after Netflix Inc. CEO Reed Hastings said on his Facebook page in July that subscribers together watched more than 1 billion hours of video for the first time during June, the agency said. (MORE: How the Great Recession Changed Our Spending Habits) An SEC rule requires that all investors receive significant company information at the same time. By allowing businesses to use more informal channels to share news with investors, the SEC is acknowledging the shift in technology that has made social media indispensable for the largest and most powerful corporations. One key requirement is that companies alert investors in press releases or regulatory ...
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Eurozone Unemployment at Record 12 Percent
(LONDON) — Unemployment across the 17 European Union countries that use the euro has struck 12 percent for the first time since the currency was launched in 1999, official figures showed Tuesday. Eurostat, the E.U.’s statistics office, said the rate in February was unchanged at the record high after January’s figure was revised up to 12 percent from 11.9 percent. (MORE: Europe’s Crisis Measures Are Working…Sort Of) Over the month, a net 33,000 people in the eurozone joined the ranks of the unemployed. Spain and Greece continued to suffer from unemployment rates above 26 percent, and many other countries were seeing their numbers swell to uncomfortable levels. It’s not all doom and gloom. Germany, Europe’s biggest economy, has an unemployment rate of only 5.4 percent. That’s even better than the U.S. rate of 7.7 percent. The February figures came before the recent Cyprus crisis, which has reignited concerns over the future of the euro. Under the terms of its bailout, big depositors ...
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Mario Draghi: The Man Who Would Save Europe
There is one reality for bankers, another for the rest of us. That is the lesson most easily drawn from the Jan. 10 press conference of the European Central Bank (ECB). Just hours earlier, Greece had released its latest labor statistics: a steep overall jobless rate of 26.8% masking even worse news for young Greeks, with over half of them — an astonishing 56.6% — out of work. The human toll of the country’s struggle to avoid a ragged departure from the European single currency could scarcely be starker. In 2012 the 17-nation euro zone lost more than 2 million jobs as it grappled with its fierce debt crisis. Yet the mood at the ECB, and especially of its president Mario Draghi, appeared chipper, at least by the sobersided standards of the institution and the office holder. “We spoke a lot about contagion when things go poorly, but I believe there is a positive contagion when things go well,” he said. “And I think that’s also what is in play now. There is a positive contagion.” ...
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How Debt-Ravaged Greece Aced a Financial-Literacy Survey
Greece is in such financial turmoil that its people are rioting in the streets, and the country risks being tossed from Europe’s Economic and Monetary Union. Yet in a recent personal-finance-literacy assessment, the Greek people were found to be the most savvy in all of Europe. This seemingly impossible finding comes from ING Investment Management, which polled 5,500 adults in 11 nations and found that Greek retail investors scored the highest marks. The poll asked 13 questions about retirement savings, mortgages, credit cards, savings accounts and the stock market. The Greeks, a people long dependent on state entitlements but now experiencing massive pension-and-salary cuts, have had virtually no grounding in personal finance. In interviews with Athens bankers this fall, the only shred of financial education I could uncover was the recent opening of the National Museum of Economic History. I wrote at the time: Amid this upheaval, there’s been little effort to join the global financial-literacy ...
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