Fri, May 25, 2012
Under African Skies , the award-winning documentary chronicling Paul Simon 's recent return trip to South Africa to commemorate the 25th anniversary of his groundbreaking ...
Thu, May 24, 2012
By Shaunna Murphy, Hollywood.com Staff
What's that noise you hear far off in the distance? Well, it's either the ""boom!"" of ...
Wed, May 23, 2012
By Shaunna Murphy, Hollywood.com Staff
What's that noise you hear far off in the distance? Well, it's either the ""boom!"" of ...
Thu, May 17, 2012
By Alexei Oreskovic
SAN FRANCISCO (Reuters) - The historic initial public offering of Facebook Inc did not go as planned on Friday, as the social ...
Tue, May 15, 2012
By David Gaffen
(Reuters) - Worried that if you buy Facebook when it starts trading Friday you'll get trampled by big banks and hedge ...
Sun, May 13, 2012
From WENN.com
The ceremony recognises the very best programmes in the industry across 40 countries and on Thursday (10May12), Ricci's Pan Am ...
Sun, May 06, 2012
ALBION (WKZO) -- Albion Police have identified the victim and the man they claim shot him in the 100 block o f East Cass Street ...
Wed, April 25, 2012
WASHINGTON (Reuters) - The Republican-led House of Representatives, in an election-year showdown with President Barack Obama, will vote on Friday to extend for 12-months a ...
Mon, April 23, 2012
By Joseph Ax
NEW YORK (Reuters) - A New York state judge is expected to decide on Friday whether to dismiss a civil lawsuit against ...
Fri, April 13, 2012
By Tom Miles
GENEVA (Reuters) - The United Nations Security Council is to vote on a resolution to send an advance team of 10 to ...
Thu, April 12, 2012
By Nick Edwards
BEIJING (Reuters) - China is set to reveal its weakest quarter of annual growth in nearly three years on Friday, with investors ...
Sun, April 08, 2012
Nicki Minaj has released her newest album, Pink Friday: Roman Reloaded, a revival of her Roman Zolanski alter ego created for her 2010 album ...
Sat, April 07, 2012
Nicki Minaj has released her newest album, Pink Friday: Roman Reloaded, a revival of her Roman Zolanski alter ego created for her 2010 album ...
Fri, April 06, 2012
By Oliver Holmes
BEIRUT (Reuters) - Opposition activists said at least six people were killed in Syria on Saturday as the U.N. Security Council ...
Fri, April 06, 2012
Nicki Minaj has released her newest album, Pink Friday: Roman Reloaded, a revival of her Roman Zolanski alter ego created for her 2010 album ...
Fri, March 30, 2012
By David Beasley
ATLANTA (Reuters) - The largest lottery jackpot in U.S. history - a whopping $656 million - will be shared by the buyers of ...
Fri, March 30, 2012
By David Beasley
ATLANTA (Reuters) - Buzz is building around the largest lottery jackpot in world history -- now up to $640 million -- ahead of the ...
Fri, March 30, 2012
By David Beasley
UNDATED (Reuters) - Buzz is building around the largest lottery jackpot in world history -- at least $540 million -- ahead of the Mega ...
Wed, March 28, 2012
DETROIT (WKZO) -- The Detroit Tigers are partnering with Pure Michigan to make what they are calling a 'major announcement' on Friday. No more details ...
Thu, March 22, 2012
By David Alexander
WASHINGTON (Reuters) - A U.S. Army staff sergeant is expected to be formally charged on Friday with 17 counts of murder ...
Thu, March 15, 2012
By Sophie Sassard and Soyoung Kim
LONDON/NEW YORK (Reuters) - United Parcel Service
Wed, March 14, 2012
By Michelle Nichols and Louis Charbonneau
UNITED NATIONS (Reuters) - U.N.-Arab League envoy Kofi Annan is due to brief the U.N. Security ...
Fri, March 09, 2012
The 2012 edition of The Allman Brothers Band 's annual residency at the Beacon Theatre in New York City gets under way on Friday ...
Fri, March 09, 2012
The 2012 edition of The Allman Brothers Band 's annual residency at the Beacon Theatre in New York City gets under way on Friday ...
Fri, February 24, 2012
Unless you're living in the UK, there's a good chance you won't be able to watch the first episode of the ...
Wed, February 15, 2012
By Alice Popovici
ANNAPOLIS, Maryland (Reuters) - Maryland's House of Delegates approved by a razor-thin margin a measure on Friday that would allow same-sex ...
Thu, February 09, 2012
BERLIN (Reuters) - German Chancellor Angela Merkel will meet with parliamentary floor leaders on Friday to discuss Greece's bailout after euro zone ministers meet ...
Fri, January 27, 2012
KALAMAZOO (WKZO) -- A Kalamazoo woman who sought refuge with the older couple next door in Swansboro, North Carolina when her marriage dissolved last October ...
Thu, January 19, 2012
By Laird Harrison
SAN FRANCISCO (Reuters) - Weeks after their eviction from several area encampments, anti-Wall Street activists in San Francisco, including a former Pacific ...
Fri, January 13, 2012
By Matthias Sobolewski and Dina Kyriakidou
BERLIN/ATHENS (Reuters) - Standard & Poor's downgraded the credit ratings of nine euro- zone countries, stripping France and Austria of their coveted triple-A status but not EU paymaster Germany, in a Black Friday the 13th for the troubled single currency area.
"Today's rating actions are primarily driven by our assessment that the policy initiatives that have been taken by European policymakers in recent weeks may be insufficient to fully address ongoing systemic stresses in the eurozone," the U.S.-based ratings agency said in a statement.
In a potentially more ominous setback, negotiations on a debt swap by private creditors seen as crucial to avert a Greek default that would rock Europe and the world economy broke up without agreement in Athens, although officials said more talks are likely next week.
If Greece cannot persuade banks and insurers to accept voluntary losses on their bond holdings, a second international rescue package for the euro zone's most heavily indebted state will unravel, raising the prospect of bankruptcy in late March, when it has to redeem 14.4 billion euros in maturing debt.
S&P cut the ratings of Italy, Spain, Portugal and Cyprus by two notches and the standings of France, Austria, Malta, Slovakia and Slovenia by one notch each.
The move puts highly indebted Italy on the same BBB+ level as Kazakhstan and pushes Portugal into junk status.
It put 14 euro-zone states on negative outlook for a possible further downgrade, including France, Austria, and still triple-A-rated Finland, the Netherlands and Luxembourg.
Germany was the only country to emerge totally unscathed with its triple-A rating and a stable outlook.
French Finance Minister Francois Baroin, speaking after an emergency meeting with President Nicolas Sarkozy, played down the impact of Europe's second-biggest economy being downgraded to AA+ for the first time since 1975.
"This is not a catastrophe. It's an excellent rating. But it's not good news," Baroin told France 2 television, saying the government would not respond with further austerity measures.
The euro fell by more than a cent to $1.2650 on the news. European stocks, which had been up for the day, turned negative, but reaction to the widely anticipated news was moderate. Safe-haven German 10-year bond futures rose to a new record high while the risk premium that investors charge on French, Spanish, Italian and Belgian debt widened.
Euro-zone finance ministers responded jointly by saying in a statement they had taken "far-reaching measures" in response to the sovereign debt crisis and were accelerating reforms toward stronger economic union.
Greek negotiators, who have repeatedly voiced confidence in a deal in which private creditors would accept writedowns of 50 percent of the face value of their bond holdings, said they were now less hopeful, warning of "catastrophic consequences" for Greece and Europe if they failed.
"Yesterday we were cautious and confident. Today we are less optimistic," a source close to the Greek task force in charge of the negotiations said.
The Institute for International Finance, negotiating on behalf of banks, said: "Under the circumstances, discussions with Greece and the official sector are paused for reflection on the benefits of a voluntary approach.
The two sides are divided principally over the interest rate that Greece will end up paying, which determines how much of a hit banks take. While both appear to be engaged in brinkmanship, there are also doubts about the take-up rate of any voluntary deal, since some hedge funds have bought up Greek debt and want to be paid out in full or trigger default insurance.
The double blow of the S&P news and the stalling of the Greek debt talks came after a brighter start to the year with Spain and Italy beginning their marathon debt rollover at lower borrowing costs this week.
The European Central Bank's move last month to flood banks with cheap three-year liquidity helped ease a worsening credit crunch and provided funds that governments hope some will use to buy sovereign bonds.
RESCUE FUND WEAKENED
S&P said the euro zone faced stresses, including tightening credit conditions, rising risk premiums for a growing number of sovereigns, simultaneous deleveraging by governments and households, and weakening economic growth prospects.
It also cited political obstacles to a solution to the crisis due to "an open and prolonged dispute among European policymakers over the proper approach to address challenges."
Austerity and budget discipline alone were not sufficient to fight the debt crisis and risked becoming self-defeating, the ratings agency said.
German Finance Minister Wolfgang Schaeuble played down the news, saying: "In the past months, we've come to agree that the ratings agencies' judgments should not be overvalued."
France and Austria were at risk because of their banks' exposure to the debt of peripheral euro-zone countries and Hungary respectively, as well as the weakening economic outlook for Europe. Italy and Spain face historically high borrowing costs.
The cut in France's rating is a serious setback for the center-right Sarkozy's chances of re-election in May and could weaken the euro zone's rescue fund, reducing its ability to help countries in difficulty.
France is the second-largest guarantor of the European Financial Stability Facility, which has a AAA rating.
John Chambers, chairman of S&P's sovereign rating committee, said preserving that status would require the four remaining AAA-rated guarantors to increase their commitments.
That could prove politically unpopular. Voters in Germany, Finland and the Netherlands have resisted lending more support to what they consider less prudent euro-zone countries.
Preserving that status would require members to increase their guarantees, which could prove politically unpopular.
In their statement, the euro-zone finance ministers said they would do all they could to ensure the rescue fund keeps its top rating.
After vowing for months to do everything to preserve Paris' top-notch standing, Sarkozy appeared to prepare voters last month for the loss of the prized status before the election.
His political opponents pounced on the S&P decision as a verdict on the failure of his policies.
"This is in reality a double downgrade. It is a downgrade of our sovereign rating that will affect the country's reputation, with heavy consequences, and it is also a downgrade compared to our main neighbor, Germany, with which we had equal status up to now," centrist candidate Francois Bayrou said.
Socialist party leader Martine Aubry said: "Mr Sarkozy will be remembered as the president who downgraded France."
It is not clear how far the downgrade will increase France's borrowing costs, since markets have already anticipated the prospect by raising the French risk premium over German Bunds.
"One notch is priced in, but not more. The Franco-German spread can widen. It is about 130 basis points for the 10-year bond. The maximum level reached was 180 to 190 basis points and it can go back to this level," said Alessandro Giansanti, senior rates strategist at ING in Amsterdam.
(Additional reporting by Reuters euro zone bureaux; Writing by Paul Taylor; Editing by Mike Peacock and Jan Paschal)
Fri, January 13, 2012
BERLIN (Reuters) - Credit rating agency Standard & Poor's is set to downgrade several euro zone countries, not including Germany, on Friday, a senior euro ...
Sun, December 25, 2011
By Dominic Evans and Erika Solomon
BEIRUT (Reuters) - The commander of Syria's armed rebels has threatened to step up attacks on President Bashar ...
Thu, December 15, 2011
By Mark Shade
HARRISBURG, Pa (Reuters) - A judge ruled on Friday that two former senior Penn State officials must stand trial on charges of ...
Mon, December 05, 2011
WASHINGTON (Reuters) - Republican presidential hopeful Mitt Romney will hold a town hall meeting in Iowa on Friday in a marked effort to raise his ...
Mon, December 05, 2011
By Kentaro Sugiyama
TOKYO (Reuters) - Toyota Motor Corp <7203.T> will announce an earnings forecast on Friday for the financial year to March 2012, as it ...7203.t>
Tue, November 29, 2011
By Liana B. Baker
NEW YORK (Reuters) - After a strong Black Friday showing, Nintendo now has to focus on maintaining the momentum for its ...
Mon, November 28, 2011
By Alistair Barr
(Reuters) - Amazon.com Inc said on Monday it saw a surge in sales of its Kindle devices, helped by its new ...
Sun, November 27, 2011
By Alistair Barr
(Reuters) - Online retail sales in the United States on the post-Thanksgiving shopping day known as "Black Friday" jumped 26 percent this ...
Sun, November 27, 2011
By Mihir Dalal
NEW YORK (Reuters) - Tired of suffocating crowds and seemingly never-ending lines? On Saturday, retailers want you to think small.
American Express ...
Sat, November 26, 2011
By Mihir Dalal
NEW YORK (Reuters) - Tired of suffocating crowds and seemingly never-ending lines? On Saturday, retailers want you to think small.
American Express ...
Sat, November 26, 2011
By Alistair Barr
(Reuters) - Amazon.com Inc, eBay Inc and other e-commerce companies had a strong "Black Friday," but the industry's growth rate ...
Sat, November 26, 2011
By Phil Wahba and Jessica Wohl
(Reuters) - U.S. retailers moved from the frenzied start of the holiday shopping season to the next phase ...
Fri, November 25, 2011
By Phil Wahba
(Reuters) - Earlier than ever store openings at Macy's Inc, Target Corp and Best Buy Inc this year were such hits ...
Fri, November 25, 2011
By Martinne Geller
(Reuters) - Most Americans associate the words "Black Friday" with the ritual of excited consumers rising early to begin holiday shopping in ...
Fri, November 25, 2011
By Barbara Goldberg
NEW YORK (Reuters) - Black Friday turned into a black mark against American shoppers as riotous crowds brawled over video games, waffle ...
Fri, November 25, 2011
KALAMAZOO -- The line outside the Target store on West Main Street at midnight Thursday night stretched for three blocks, at least 4 people deep ...
Fri, November 25, 2011
By Caroline Valetkevitch
NEW YORK (Reuters) - Stocks posted their best week since Christmas, even with a mixed finish on Friday after strong earnings from ...
Thu, November 24, 2011
By Jessica Wohl
(Reuters) - Retailers were hoping for more shoppers like Shawn Elzia as the annual Black Friday bargain stampede marked the unofficial start ...
Mon, November 21, 2011
By Liana B. Baker
(Reuters) - Retailers are saving some of their deepest discounts on Black Friday for video game products, with large chains Wal-Mart ...
Mon, November 21, 2011
MINNEAPOLIS (Reuters) - Target Corp. received six red-and-white Target bags full of petitions Monday signed by 190,000 people to protest stores opening for "Black ...
Sat, November 19, 2011
By Alistair Lyon and Tom Perry
CAIRO (Reuters) - Protesters rallied again in Cairo on Sunday to try to evict Egypt's ruling generals, in ...
Fri, November 18, 2011
By Phil Wahba
(Reuters) - Thanksgiving Day is for eating turkey, watching football and, apparently, shopping at lower-end retailers.
While much has been made in ...
Thu, November 17, 2011
(Reuters) - Americans plan this year to go shopping in greater numbers on Black Friday, the biggest shopping day of the year and unofficial kick-off ...
Thu, November 03, 2011
A blaze broke out in the attic of Hollywood's Magic Castle on Monday afternoon (31Oct11), prompting bosses to cancel a Halloween gala.
Ironically ...
Mon, October 31, 2011
We've endured two weeks with no new Glee and here's our reward: Darren Criss and the gang singing Katy Perry's ""Last ...
Sun, October 30, 2011
We've endured two weeks with no new Glee and here's our reward: Darren Criss and the gang singing Katy Perry's ""Last ...
Sat, October 29, 2011
We've endured two weeks with no new Glee and here's our reward: Darren Criss and the gang singing Katy Perry's ""Last ...
Fri, October 07, 2011
(Reuters) - The funeral for Apple Inc co-founder Steve Jobs is taking place on Friday, the Wall Street Journal cited a person familiar with the ...
Mon, September 19, 2011
By Irene Klotz
CAPE CANAVERAL, Florida (Reuters) - Debris from a defunct six-ton NASA science satellite that crashed to Earth on Saturday fell harmlessly in ...
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