CFOZone.com - The Network of Corporate Finance

Credit Suisse will hand over details of wealthy Americans with hidden Swiss accounts to the Swiss government, bringing U.S. authorities one step closer to obtaining names of alleged tax cheats.

European Union finance ministers sought on Tuesday to agree how to shore up sagging banks and avert a credit squeeze, as rising borrowing costs for Italy threaten to unleash a new and more dangerous phase of the euro zone debt crisis.

Up to a third of Hong Kong's 50,000 or so factories in China could downsize or shut by the end of the year as exporters get hit by cost rises and darkening global demand for Chinese goods, a major Hong Kong industrial body said on Tuesday.

Retail sales in the 17 countries sharing the euro fell more than expected in September despite some resilience in powerhouse Germany, the EU's statistics office said on Monday, reinforcing concern that the bloc's economy may be heading for a recession.

The online coupon company Groupon raised $700 million after increasing the size of its offering, which priced at $20 per share, above an initial range. The company was valued at about $13 billion when the IPO priced -- about half of earlier estimates.

Asia's central bankers have two main choices for coping with Europe's debt crisis: Wait it out and hope for a safe resolution, or take out an insurance policy in the form of an interest rate cut.

Jon Corzine has resigned as MF Global Holdings Ltd's chairman and chief executive, four days after the futures brokerage filed for bankruptcy protection, culminating a rapid downfall for one of Wall Street's best-known executives.

Private sector activity in the euro zone shrank at its fastest pace in 28 months in October as the debt crisis sapped new business and soured sentiment in an economy looking like it is heading into a slump, survey data showed on Friday.

White House officials bristled on Thursday at the suggestion U.S. power within the G20 had been diminished by budget woes back home, as Europe looked toward an economically self-confident China for help.

Many top U.S. store chains reported disappointing October sales on Thursday, showing that consumers up and down the income spectrum are still anxious about the state of the economy as they begin their holiday shopping season.