A roundup of news in finance, economics and business from around the world:
INTERNATIONAL NEWS
BRUSSELS – Eurozone leaders struck a deal worth 159 billion euros ($A211.59 billion) to save Greece from bankruptcy, hoping to prevent its debt crisis from engulfing Europe.
BRUSSELS – Eurozone leaders have offered Greece some respite from its crippling debt burden while warning Athens could still face a dramatic default as they battled to prevent the debt crisis from spreading.
BRUSSELS – International Monetary Fund chief Christine Lagarde welcomed a second Greek bailout deal and said the Fund would continue to “play its part”.
BRUSSELS – The new eurozone bailout of Greece will enable the country to reduce its debt mountain by around 26 billion euros by the end of 2014, Greek Prime Minister George Papandreou said.
WASHINGTON – Private banks have offered a plan to exchange and roll over Greek debt that will save the country 54 billion euros ($A71.86 billion) over three years, the Institute of International Finance said.
WASHINGTON – The White House says it sees “momentum” toward a deal to avert a disastrous early August debt default, but denied media reports that a compromise with top lawmakers may be imminent.
WASHINGTON – The US economy’s spring slump appears to be extending into the summer, according to a slew of mixed data.
NEW YORK – The big US banks showed signs of resilience in their second-quarter earnings, but the sluggish economy and fallout from the subprime mortgage debacle weighed on profits.
SAN FRANCISCO – US technology giant Microsoft said its annual profit soared on record revenue thanks in part to hot demand for its Xbox 360 videogame console gear and online network.
TOKYO – The slump in Japan’s exports moderated in June in a sign the world’s third-largest economy is beginning to mend after the March 11 earthquake and tsunami.
LONDON – More newspapers have become embroiled in Britain’s phone-hacking scandal as the deputy prime minister said the crisis was a chance to clean up “murky” ties between politicians, police and the media.
LONDON – Mining giant Rio Tinto is considering selling off one of its UK coal-fired power stations before the implementation of new environmental laws.
NEW YORK – The New York Times Company lost $US120 million ($A112 million) in the second quarter, as income from digital subscriptions failed to make up for a steep writedown of its print newspaper assets.
NEW YORK – Wall Street bank Morgan Stanley reported that it lost $US558 million ($A521.15 million) in the second quarter, largely due to a one-time charge, beating analysts’ forecasts.
NEW YORK – Quarterly profits fell almost 12 per cent at United Continental as fuel prices rose faster than airfares.
PURCHASE – PepsiCo Inc’s earnings report has told two familiar story lines: One of a US company relying more heavily on customers in emerging markets, as US customers remain shy about spending. The other of a company raising prices on those same customers, and blaming the higher costs for ingredients.
RICHMOND – Cigarette maker Philip Morris International Inc’s second-quarter net income grew more than 21 per cent because it commanded higher prices for its brands.
LONDON – European share prices turned sharply higher and the euro soared against the US dollar as a draft eurozone debt deal offered the hope of finally taming a crisis that has roiled markets for months.
HONG KONG – Asian stocks were mixed on nervousness about the progress of talks aimed at averting a US debt default despite President Barack Obama backing a cross-party plan.
HONG KONG – Hong Kong stocks ended flat as optimism about a possible breakthrough in talks for a Greek bailout was clouded by preliminary data showing Chinese manufacturing activity contracted in July.
NEW YORK – US stocks rallied as eurozone leaders clinched a deal to bail out Greece, boosting financial stocks that were battered in recent weeks by fears of a spreading European debt crisis.
LONDON – Oil prices rebounded as the dollar sank against the euro on news of a draft eurozone summit deal to provide loans on improved terms to debt-ridden members like Greece, Ireland and Portugal.
NEW YORK – Gold fell, extending its drop from a recent record high as signs of progress on debt deals in Europe and the United States drew investors to riskier assets at the expense of safe havens.
LONDON – Copper fell as data showed shrinking manufacturing activity in top consumer China fuelled demand fears, but losses were capped by a softer dollar against the euro, which was boosted by optimism about a euro zone debt deal.
LOCAL NEWS
SYDNEY – The Australian dollar is one US cent higher, after Eurozone leaders agreed overnight to a deal that will grant Greece a new bailout.
