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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, ...

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Found 1 month ago on channel TIME Business

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Car Buying, Reenvisioned: More Like Shopping for Apple Gadgets, Ice Cream, or a Date

Buying a new car is an awful experience. The sentiment has been expressed by many people, in many colorful ways. A few examples: In 2009, John Krafcik, CEO of Hyundai Motor America, addressed a crowd of auto insiders with refreshing honesty when he admitted that the entire industry was “viewed with contempt,” and that “we have reached the point where, frankly, Americans would rather go to the dentist than visit a car dealer.” The traditional back-and-forth games at car dealerships is “a process designed for the village idiot,” according to the CEO of the nation’s largest car dealership chain, quoted in a recent Wall Street Journal piece. “Buying a car sucks,” Scott Painter flatly told NPR. Painter is the founder and CEO of TrueCar, a service that’s supposed to help consumers buy cars at a decent price—and theoretically makes the experience less sucky. (MORE: How Car Buying Is Becoming Less Awful — Or At Least Less Time-Consuming) Does it have to be this way? The NPR ...

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Found 1 month ago on channel TIME Business

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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...

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Found more than 1 month ago on channel MSNBC

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U.S. Stocks Fall on Cyprus Bailout

(NEW YORK) — Stocks fell for a second day on Wall Street on concern that a proposed bank bailout for the Mediterranean island nation of Cyprus could cause the euro crisis to flare up again. The Dow Jones industrial average was down 39 points, or 0.3 percent, to 14,472 as of 11 a.m. EDT. The Dow fell as much as 110 points in the early going, before recouping some of its loss. The Standard & Poor’s 500 index fell eight points, or 0.5 percent, to 1,552. The Nasdaq composite dropped 17 points, or 0.5 percent, to 3,232. Cyprus is proposing a hefty levy on bank deposits as a condition for a national bailout. The proposal roiled international markets and the measures are stoking fears of bank runs in the other 16 nations that use the euro. Concerns persist about the euro-region’s lingering debt crisis, despite a strong rally in stocks since the start of the year that pushed the Dow to record highs. The index fell 1.6 percent Feb. 25, its biggest wobble this year, after elections in ...

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Found more than 1 month ago on channel TIME Moneyland

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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.

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Found more than 1 month ago on channel Reuters

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