Business and Finance news

Wall Street cash bonuses are set to increase by about 40 percent this year, the Wall Street Journal said citing a report by compensation consulting firm Johnson Associates.
In a report to be released later on Thursday, Johnson Associates projects that the biggest increases in year-end cash bonuses and equity awards will go to employees […]

Asia needs to reassess its strategy for future growth and reduce its over-reliance on exports, said Malaysia’s central bank governor, Zeti Akhtar Aziz.
Global economic conditions will remain volatile for a while, she said in a speech in Kuala Lumpur today.
Source

U.S. foreclosure filings climbed to a record in the third quarter as lenders seized more properties from delinquent borrowers, according to RealtyTrac Inc.
A total of 937,840 homes received a default or auction notice or were repossessed by banks, a 23 percent increase from a year earlier, the Irvine, California-based seller of default data […]

European Central Bank President Jean- Claude Trichet led the region’s finance chiefs in pushing China to let the yuan strengthen amid mounting concern the euro is shouldering too much of the burden of a sliding dollar.
Some currencies “have in the medium run to appreciate,” Trichet said in an interview with Bloomberg Television in […]

Former Federal Reserve Chairman Alan Greenspan said the U.S. will have to both tighten credit and raise taxes as the economy pulls out of the worst recession since the 1930s.
“The presumption that we’re going to be able to resolve this without significant increases in taxes is unrealistic,” Greenspan, 83, said in an interview […]

Chinese President Hu Jintao said countries with currencies that are held as reserves by other nations must consider the implications of their monetary policies for the rest of the world.
“Major reserve-currency issuing countries should take into account and balance the implications of their monetary policies for both their own economies and the world […]

The Federal Reserve signaled that the U.S. economy’s return to growth is insufficient to withdraw stimulus as officials seek to reduce the highest unemployment rate in a quarter century.
While the economy has “picked up,” the central bank’s planned asset purchases will help ensure a “gradual return to higher levels of resource utilization,” the […]

Senior management at Cazenove and JP Morgan are thought to be close to agreeing a price for Cazenove’s share of their JPMorgan Cazenove joint venture before the end of the year, the Independent on Sunday newspaper said.
Cazenove and JP Morgan Chase & Co created the joint venture in 2005 and under the terms of […]

German producer prices rose for the first time in 11 months in August as energy costs increased.
Prices gained 0.5 percent from a month earlier after falling 1.5 percent in July, the Federal Statistics Office in Wiesbaden said today. Economists forecast a 0.2 percent increase, according to the median of 24 estimates in a […]

The U.S. economic recovery will be “anemic” and prone to a relapse because it lacks momentum, Morgan Stanley economist Stephen Roach said.
“The economy is growing very close to what people refer to as a stall speed,” Roach, chairman of Morgan Stanley Asia, said in a Bloomberg Television interview today. “It lacks a cushion […]