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The European Commission said on Thursday Greece met qualifying conditions for the next,9-billion euro...

Written by Fe Bureaus | Published: August 20, 2010 1:09:43 am

Greece meets criteria for next aid tranche: EU exec

The European Commission said on Thursday Greece met qualifying conditions for the next,9-billion euro ($11.5 billion) tranche of euro zone financial aid it is due to receive in September. “The Commission considers that the broadly positive evaluation of the conditions imposed on Greece opens the way for the next phase of lending,” the EU executive said. It expects euro zone member states to approve the next tranche and proceed with the transfer of funds. Of the 9 billion euros,6.5 billion will come from euro zone countries and 2.5 billion from the International Monetary Fund.

MasterCard set to buy DataCash for $520 mn

MasterCard agreed to buy British payment service provider DataCash Group for about £333 million ($520 million) in cash to expand its e-commerce business,sending DataCash shares to a 10-year high. At 0945 GMT,DataCash stock was trading 51.7% higher at 355 pence on the London Stock Exchange,after trading in the negative for the whole of last week. MasterCard,which makes money from processing credit and debit card payments on its network,said it would pay 360 pence per share,representing a 54% premium to DataCash’s Wednesday close.

Bundesbank ups German growth forecast to 3%

The Bundesbank raised its growth forecast for Germany this year after the economy expanded at the fastest pace in two decades in the second quarter. Gross domestic product will increase by about 3% in 2010,the German central bank said in its monthly bulletin published in Frankfurt on Thursday,lifting its June forecast of 1.9%. Data last week showed the economy grew 2.2% in the three months through June,the fastest since records for a reunified Germany began in 1991. “The growth tempo will normalise after the extraordinarily dynamic second quarter,” the Bundesbank said.

Bond investors should absorb loss: Basel panel

The Basel Committee on Banking Supervision is proposing that bond investors should help bear the cost of future bank bailouts as it seeks to reduce the burden on taxpayers. All regulatory capital instruments sold by banks should be capable of absorbing losses in the event that a bank is unable to fund itself in private markets,said the committee,which sets international banking rules,in a consultation document. The securities could be written off or converted to common equity.

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