Cyprus Bailout Prompts Muted Relief in Markets
(LONDON) — The rally in stock markets in the wake of the Cypriot bailout deal proved short-lived Monday as investors remained cautious following a crisis that laid bare the scale of problems surrounding Europe‘s single currency. In the immediate aftermath of the deal between the Mediterranean island nation and international creditors, stocks rallied strongly and the euro edged back up above the $1.30 mark. But as the day wore on, the optimism was running dry. Though Cyprus’ bailout deal will prevent it becoming the first country to ditch the euro, investor worries over Europe’s common currency remain, not least because the deal sanctions raiding bank deposits. (MORE: Cyprus Rescue: The Destruction of a Tax Haven) “The Cypriot bailout has a powerful legacy which may alter the security with which depositors elsewhere in the eurozone view the safety of banks,” said Jane Foley, an analyst at Rabobank International. “It has also reportedly uncovered a lack of harmony.” In Europe, ...
Wall Street advances as Cyprus worries diminish
Stocks opened higher Friday after an agreement between Greece and Cyprus helped lift some worries as the nation scrambled to avoid a meltdown of its banks and an exit from the euro. The Dow Jones Industrial Average opened in positive territory, led by American Express and Pfizer, after finishing lower in the previous session. The S&P 500 and the Nasdaq also gained at the open. The CBOE Vol...
Found more than 1 month ago on channel MSNBC
Dow Jones investigates bribery allegations against WSJ China
Dow Jones & Co said it found no sign of impropriety at its China operations, after the Wall Street Journal reported that a whistleblower had accused Journal employees of bribing Chinese officials for information.
Found more than 1 month ago on channel Reuters
What News Corp.’s Breakup and the Demise of ‘The Daily’ Mean for the Future of Murdoch’s Media Empire
Billionaire mogul Rupert Murdoch‘s plan to split his giant media conglomerate News Corp. into two independent publicly traded companies began to take shape Monday, after the company announced a flurry of management and organizational changes ahead of the breakup. The moves are further evidence of Murdoch’s plan to focus on entertainment assets — he’s making a big push into regional U.S. sports television ahead of a possible national Fox sports network — as News Corp. seeks to regain its footing after a tough phone-hacking-and-police-corruption scandal involving its U.K. newspaper business. Perhaps the most striking news, from a technology and media perspective, is the announcement that News Corp. plans to close The Daily, the New York-based iPad newspaper that was launched to great fanfare less than two years ago. To start with, Murdoch announced that Wall Street Journal managing editor Robert Thomson, a former top editor at The Times of London and the Financial Times, will become ...
News Corp. Taps WSJ Editor to Head Publishing Company
News Corp. plans to name Robert Thomson, managing editor of The Wall Street Journal and editor in chief of Dow Jones, as chief executive of its publishing company as early as next week, according to people familiar with the matter.