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A bomb has exploded behind a bank in Athens, damaging two cars but causing no injuries, police say. The explosion happened outside a branch of Citibank at 0300 (0100 GMT) in the Nea Ionia district of the capital. Police said the bomb was detonated from close by using electric cables. There was no claim of responsibility for it. Last month a large car bomb was defused outside another Citibank office in Athens, but no-one has claimed responsibility for that either.
"Ahead of the jobs report there had been rumors about a possible loss of 1 million jobs, but the result turned out to be basically in line with expectations," said a trader for a Japanese trust bank.
The dollar dipped against the yen and euro on Monday as investors trimmed safe-haven buying of the U.S. currency.
Asian share markets were mostly weaker, with Japan's Nikkei hurt by falls in the stocks of car makers, such as Honda Motor Co, due to fears about the fallout for the industry if struggling General Motors were to fail.
Japanese data on Monday revealed a record current account deficit, with the income surplus tumbling about a third from a year earlier, as the global recession crushed export demand and income from overseas investments.
March 9 (Bloomberg) -- American International Group Inc. appealed for its fourth U.S. rescue by telling regulators the company’s collapse could cripple money-market funds, force European banks to raise capital, cause competing life insurers to fail and wipe out the taxpayers’ stake in the firm.
AIG needed immediate help from the Federal Reserve and Treasury to prevent a “catastrophic” collapse that would be worse for markets than the demise last year of Lehman Brothers Holdings Inc., according to a 21-page draft AIG presentation dated Feb. 26, labeled as “strictly confidential” and circulated among federal and state regulators.
“What happens to AIG has the potential to trigger a cascading set of further failures which cannot be stopped except by extraordinary means,’’ said the presentation by New York- based AIG. “Insurance is the oxygen of the free enterprise system. Without the promise of protection against life’s adversities, the fundamentals of capitalism are undermined.’’
Regulators revised AIG’s bailout last week to ease loan terms and extend $30 billion in fresh capital after the firm posted a $61.7 billion fourth-quarter loss, the worst in U.S. corporate history. Lawmakers are reluctant to give more support beyond the package already in place, worth about $160 billion, because they say regulators haven’t given enough detail about how the funds are being used or when the bailouts will end.
The Fed is “asking for an open-ended check’’ and is “not going to get” it, Senator Robert Menendez, a New Jersey Democrat, said last week in Congressional hearings.
AIG warned of turmoil around the globe if the government allowed the insurer to fail, adding “it is questionable whether the economy could tolerate another shock to the system that a failure of AIG would produce.” The value of the U.S. dollar might fall, Treasury borrowing costs could rise and the agency would face “doubts about the ability of the U.S. to support its banking system,” according to the presentation, parts of which were reported earlier by the New York Times.