CIT halts Sears supplier financing

Source: Bloomberg
CIT Group Inc. the largest US factoring provider decided to stop giving loans to the suppliers of Sears Holdings Corp. CIT Group Inc. provide short-term funding for producers to manufacture goods. Chris Brathwaite, a representative of Sears told the decision is irrational as company has adequate liquidity and sufficient resources at its disposal. 
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Thu, 12 Jan 2012 15:28:57 GMT

Spain and Italy to auction debt first time this year

Spain and Italy prepare to sell bonds worth around 17 bn Euros today as Italian PM Monti calls investors to prize nation's austerity measures. Monti and Spanish PM Rajoy both are attempting to persuade investors the countries have put much effort to reduce debt. Spain's Parliament approved 15 bn Euro austerity package yesterday. 

Thu, 12 Jan 2012 15:27:43 GMT

US stocks pare losses on Wednesday

US equities mostly offset losses on Wednesday as Europe continue to show signs of deepening recession while US data indicates recovery. S&P 500 Index traded nearly flat increasing by 0.03% or 0.4 points at 1,292.48. Dow Jones Industrial Average finished 0.1% or 13.02 points down at 12,449.45, while Nasdaq Composite advanced 0.31% or 8.26 points reaching 2,710.76.

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