Finance News

There's no way to overstate the calamity that's unfolding across the Atlantic. The eurozone is imploding. The smart money has already fled EU banks for safe quarters in the US while political leaders frantically look for a way to prevent a seemingly-unavoidable meltdown. Here's an excerpt from a post at The Streetlight blog that explains what's going on: "…ECB data seems …

  Bank funding costs are rising, liquidity is being choked off, and interbank lending has started to stall. A full-blown crisis can still be averted, but leaders will have to knuckle down and resolve the political issues fast. Otherwise the 17-member monetary union will fracture and the euro will be kaput. Here’s a clip from the Wall Street Journal: Commercial banks …

A more severe crash than the one triggered by the collapse of Lehman Brothers could be on the way, according to alarm signals in the credit markets. Insurance on the debt of several major European banks has now hit historic levels, higher even than those recorded during financial crisis caused by the US financial group's implosion nearly three years ago. Credit default …

August 19, 2011 "BI" — A former senior analyst at Moody's has gone public with his story of how one of the country's most important rating agencies is corrupted to the core. The analyst, William J. Harrington, worked for Moody's for 11 years, from 1999 until his resignation last year. From 2006 to 2010, Harrington was a Senior Vice President in …

Global Money Trends newsletter   Of the big-3 credit rating agencies, only the S&P rating agency had the courage and fortitude to speak the truth, about the severe deterioration of America’s financial status. S&P shocked the political establishment in Washington, by following through with its threat to downgrade US Treasury debt to AA+ on the evening of August 5th. S&P added …

Amãna Bank, Sri Lanka’s first licensed commercial bank to operate fully under the principles of Islamic banking, had its official opening yesterday, whilst it will be open for business on Monday. A simple launch event to mark the opening was held at the bank’s Corporate Office at 480, Galle Road, Colombo 3, with Central Bank Governor Ajith Nivard Cabraal attending …