WASHINGTON: Moody’s slashed its credit ratings by up to four notches for 26 Italian banks Monday, including UniCredit and Intesa Sanpaolo, citing their vulnerability to Italy’s recession and more trouble in the eurozone. Channel NewsAsia Business News
HONG KONG – Asian markets were mixed in choppy trade Monday amid fears over political uncertainty in Europe while China’s move to boost liquidity in the slowing economy was unable to provide a lift. Channel NewsAsia Business News
SAN FRANCISCO: Yahoo! announced Sunday that Ross Levinsohn will temporarily replace chief executive Scott Thompson, who has stepped down in the face of controversy about his allegedly inflated resume. Channel NewsAsia Business News
WASHINGTON: JPMorgan Chase CEO Jamie Dimon admitted on Sunday that a $ 2 billion loss on derivatives trades had jeopardized the bank’s credibility and given regulators a new opportunity to target Wall Street. Channel NewsAsia Business News
SINGAPORE: Premium airlines in Asia are rethinking their strategies and slashing costs as high fuel prices, global economic uncertainty and pressure from Middle East and budget carriers squeeze profits. Channel NewsAsia Business News
WASHINGTON: Crisis-hit US bank JPMorgan Chase received a credit rating downgrade from Fitch and received a warning from Standard & Poor’s on Friday, a day after the bank revealed a $ 2 billion trading loss. Channel NewsAsia Business News
NEW DELHI: India’s industrial output unexpectedly shrank in March for the first time in five months, data on Friday showed, piling pressure on the central bank and other policymakers to boost the stumbling economy. Channel NewsAsia Business News
BERLIN: Bundesbank president Jens Weidmann has categorically denied that the German central bank is prepared to tolerate higher inflation in order to improve the situation in the debt-mired eurozone. Channel NewsAsia Business News
TOKYO: Olympus on Thursday posted a $ 620 million loss in the fiscal year to March after a cover-up at the camera and medical equipment maker which hammered Japan’s corporate-governance image. Channel NewsAsia Business News
SAN FRANCISCO: Samsung Electronics announced it is buying mSpot to take advantage of the Silicon Valley company’s prowess at streaming music and films to smartphones or tablet computers. Channel NewsAsia Business News