June 28: Through the camera lens
June 28: Through the camera lens
A man looks at stock market monitors in Taipei
A rally in Asian shares and the euro stalled on Tuesday as investors remained worried that Greece could default on its massive debts despite an outline agreement by French banks to roll over Greek bonds.
The radical French proposal came as the Greek parliament began debating unpopular austerity measures that are the price of further aid from international lenders.
Rising confidence that the five-year programme would pass when Greece's fractious lawmakers cast votes on Wednesday and Thursday had encouraged investors to return to riskier assets sold off in recent weeks, with US stocks gaining nearly 1% on Monday to end a three-day losing streak.
European stocks were also expected to bounce, with financial bookmakers in London calling the major indexes up 0.3-0.6%. But an early rally in Asia lost steam, with some warning the eurozone relief may only be temporary.
France's Finance and Economy Minister Christine Lagarde speaks to members of the media at a G20 Globalisation conference in Paris
French Finance Minister Christine Lagarde looks set to emerge on Tuesday as the International Monetary Fund's new chief, maintaining the tradition of a European heading the global lender.
Lagarde, 55, should easily get the majority support of the IMF's board over Mexico's central bank governor, Agustin Carstens, to become the first woman to head the institution.
While Carstens will get the backing of Latin America, Canada and Australia, his support appears too thin to break Europe's 64-year hold on the IMF post.
The 24-strong IMF board meets on Tuesday to finalize a process that began in May after Dominique Strauss-Kahn resigned as IMF managing director to defend himself against charges of sexual assault and attempted rape. He denies the charges.
A Standard Chartered logo is seen beside a traffic light at a junction in TaipeiStaff cuts coupled with growth in Hong Kong and other key Asian markets have put Standard Chartered Plc on track for record profits in the first half of this year, up over 10% on a year earlier.
The Asia-focused bank on Tuesday said income and profit were up over 10% in the first five months of the year and cost growth would be broadly in line with income growth in the first half.
"It's a very positive statement and an improvement on the Q1 stage, as they've clearly improved the situation on the cost to income line," said Mike Trippitt, analyst at Oriel Securities in London, keeping a "buy" stance on the stock.
By 0730 GMT Standard Chartered's London shares were up 1.6% at 15.64 pounds, outpacing a 0.8% rise by the European bank index.
A Cairn India employee works at a storage facility for crude oil at Mangala oil field at Barmer in Rajasthan
The move by Vedanta Resources Plc and Cairn Energy to cut the price of their long-pending deal could signal the end-game as the two firms edge closer to agreeing to India's demands of sharing royalty payments, analysts said on Tuesday.
Cairn Energy agreed last August to sell a majority stake in Cairn India to Vedanta in a deal that was valued at up to $9.6 billion, but the deal, which would be one of the largest in India's energy sector, has been delayed due to a disagreement over royalty payments.
India's oil ministry has been pushing for Cairn India to share royalty payments with state-run Oil and Natural Gas Corp, which has a 30% holding in the Cairn-operated fields in western India but pays 100% of the royalties.
Vedanta and Cairn on Monday agreed to remove a non-compete fee that would cut the price of a 40% stake in Cairn India
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