IMF Leaves Egypt After Hearing From Opposition
(CAIRO) — A team from the International Monetary Fund left Egypt without getting broad backing from the opposition for a government economic plan aimed at getting a key $4.8 billion loan, political blocs said Tuesday. Egypt’s main factions say they agree in principle on the need for the loan, seen as a lifeline for the country’s battered economy, but there are concerns over unrest if painful austerity measures linked to it are not backed by political consensus. The IMF said in a statement that its delegation met with a range of political figures and Cabinet officials during the nearly two week-long visit that ended late Monday. In previous, shorter trips, the IMF has only focused on meeting with government officials. The country’s political polarization has further delayed reaching agreement around the deal. Finance Minister El-Morsi Hegazi, who will meet with officials in Washington D.C. this weekend for annual IMF and World Bank meetings, said the government’s meetings with the ...
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SoftBank's $4 Billion Parting Gift
SoftBank said it expects to complete its purchase of Sprint without sweetening the offer to fend off Dish. But the Japanese company is looking at a profit of about $4 billion if the original deal doesn't go through.
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Monte Paschi prosecutors order seizure of 1.8 billion euros at Nomura
SIENA, Italy - Italian prosecutors have ordered the seizure of 1.8 billion euros ($2.4 billion) of assets from Japanese bank Nomura as part of a probe into a suspected fraud involving troubled lender Monte dei Paschi di Siena .
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Found 1 month ago on channel
Reuters
SoftBank could gain $3.5 billion by walking away from Sprint
TOKYO - Masayoshi Son, billionaire founder of Japanese mobile carrier SoftBank Corp, is expected to stay in the battle for U.S. wireless service provider Sprint Nextel Corp - even though he could walk away with more than $3.5 billion in gains from currency hedging, a convertible bond and break-up fee.
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Found 1 month ago on channel
Reuters
Stocks Sink in Early Trading; Gold Plunges
(NEW YORK) — A steep fall in commodity prices pulled down energy and mining stocks for a second day in a row on Monday. Gold plunged to $1,400 an ounce for the first time since March 2011 as a sell-off in metals continued from last week. Oil prices hit their lowest level since mid-December. The Dow Jones industrial average was down 89 points at 14,773 shortly after 10 a.m. Monday, a drop of 0.6 percent. Caterpillar led the Dow lower, losing 3 percent to $82.87. The Standard & Poor’s 500 index fell 12 points to 1,577, a loss of 0.7 percent. The Nasdaq composite fell 25 points, or 0.8 percent, to 3,267. Mining and energy stocks had the biggest losses following the plunge in commodity prices. Freeport-McMorRan Copper Gold and Newmont Mining fell 6 percent, the biggest drops in the S&P 500 index. (MORE: 6 Reasons Why the Stock Market Could Do Surprisingly Well in 2013) Citigroup rose 3 percent to $46.05, one of the biggest gains in the S&P. The bank reported earnings Monday that beat analysts’ ...
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