New Italian Prime Minister Mario Monti announced he will wear two hats, naming himself Italy?s finance minister. He also selected key cabinet positions for his government, which will look to restart Italy?s (NYSE:EWI) economic growth in Italy, according to the Associated Press reported.
Monti and his new government team, including academics and private sector professionals, will be sworn into office later today.
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The Bank of Japan (NYSE:EWJ) cut its economic outlook, attributing the effects from a slowdown in overseas economies, a stronger yen and the fallout from the Thailand floods. It kept its benchmark interest rate target the same and unanimously voted to hold the overnight target rate at 0 to 0.1 percent.
The Bank said in a statement after the policy decision, ?Japan?s economic activity has continued picking up, but at a more moderate pace.?
On Tuesday evening MF Global?s (MFGLQ.PK) bankruptcy trustee asked for court permission to release $520 million from 21,000 accounts. The money has been frozen for over two weeks and comes from a total of $900 million in funds. With the freeze, customers have been unable to trade and it has decreased commodity trading volumes.
Citigroup Inc. (NYSE:C) may join its fellow banks and cut jobs, according to The Wall Street Journal.??The bank may get rid of 3,000 jobs, representing approximately 1 percent of its workforce. This may include 900 jobs from its securities and banking division, which has seen revenue declines from market volatility.
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Nokia Corp. (NYSE:NOK) may enter the increasingly competitive tablet arena with a?Microsoft Corporation (NASDAQ:MSFT)?Windows 8 phone software offering in June 2012, according to the French newspaper Les Echos. The paper cited Nokia?s Paul Amsellem as its source and added that the company has already started selling new smartphones with the Windows operating system in France.?Corporate headquarters would not confirm the tablet news.
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