Morning Business Memo

Nov 30, 2011 8:29am

More debt anxiety in Europe as financial ministers meet in Brussels, but fail to agree on shock therapy to limit the damage of the region’s financial crisis. European bond rates rose again this morning. Eurozone officials discussed proposals to impose greater financial discipline on member states. But the finance ministers delayed action on major issues such as the concept of a closer fiscal union until their bosses meet next week. The Financial Times says international companies are preparing contingency plans for the possible breakup of the eurozone, according to interviews with dozens of multinational executives.

The monthly employment report will be released Friday by the Labor Department. ADP’s payroll survey for November is released this morning. The government today issues a revised look at third-quarter productivity. Later, the Fed’s Beige Book survey and pending home sales are due.

A downgrade for some of the world’s biggest banks. Standard and Poor’s has cut its credit ratings of 37 financial companies – including Citigroup, Goldman Sachs JP Morgan Chase and Wells Fargo. S&P says the changes reflect new criteria in how the firm rates banks. Bank industry analysts are divided on whether the ratings firm’s downgrade will have any substantial impact on financial firms

Facebook has agreed to a privacy settlement with the government. Under terms of the deal the social networking site would have to ask users permission before changing how their personal information is released.

Richard Davies, Business Correspondent ABC NEWS Radio, twitter.com/daviesabc

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