Category: Other
Nationalisations and rescues stepped up in finance debacle
PARIS, October 7, 2008 (AFP) – The EU moved to increase support for big banks as the international finance chaos deepened Tuesday, with Russia setting up a huge rescue package for its banks and markets again panicking. Russia was also to negotiate a four billion euro (5.4 billion dollar) emergency loan to Iceland, which is […]
Fear as Icelandic bank freezes British transactions
LONDON, October 7, 2008 (AFP) – British customers with accounts in the online arm of faltering Iceland’s second-biggest bank voiced alarm after it halted transactions. Icesave stopped British customers withdrawing or depositing money, it announced, as Icelandic authorities said they had taken control of the bank and the island’s financial sector teetered on the brink […]
India central bank cuts cash ratio amidst currency pressure
MUMBAI, October 6, 2008 (AFP) – India’s central bank injected liquidity into the financial system by cutting the amount of cash commercial banks must hold in reserve, citing “a sharp deterioration” in the world financial situation. After a day of market turmoil in which Indian stocks plunged nearly six percent, the bank lowered the cash […]
Fed to pay interest on statutory reserves, give printed money for nothing
WASHINGTON, October 6, 2008 (AFP) – The Federal Reserve and the US Treasury, armed with new emergency powers, announced measures Monday to tackle a rapidly escalating financial crisis as panicked investors fled stock markets. The central bank and Treasury said they were studying the possibility of making unsecured loans in an effort to keep credit […]
Oil stays below 90 dollars
SINGAPORE, October 7, 2008 (AFP) – Crude oil prices remained below 90 dollars a barrel in Asia on Tuesday as deepening global financial turmoil and plunging stock markets raised fears about slowing demand for energy, dealers said. New York’s main contract, light sweet crude for November delivery, rose 71 cents to 88.52 dollars after a […]
‘ opposition vows to unseat lord of the atolls
MALE, October 7, 2008 (AFP) – For the main opposition leader of the Maldives, life on the islands is a far cry from the more familiar image portrayed by holiday brochures.While its white sand beaches and crystal clear waters may be a paradise for well-heeled tourists, the Indian Ocean nation is beset by rising crime, […]
Picture postcard Maldives test democracy at the polls
Oct 06, 2008 (LBO) – The tourist paradise of Maldives will hold its first multi-party poll on Wednesday in what is seen as a litmus test on Asia’s longest serving ruler and his commitment to democratic reforms.Around 209,000 people across some 200 inhabited islands will cast their ballot to elect a president for a five-year […]
Nepal president endorses child goddess
KATHMANDU, October 6, 2008 (AFP) – Nepal’s Maoist president has endorsed the choice of a three-year-old girl to be worshipped as a goddess, officials said Monday, upholding an age-old tradition despite his government’s atheist stance. The selection of the child goddess, or Royal Kumari, had for centuries required the approval of Nepal’s kings, but the […]
Wachovia rooting for Wells Fargo buyout despite Citi court block
WASHINGTON, October 6, 2008 (AFP) – Troubled lender Wachovia Corp. appeared determined Sunday to plow ahead with a planned union with Wells Fargo & Co., despite an order from a New York State Supreme Court in favor of jilted suitor Citigroup. Citigroup was blindsided last week in its bid to complete a tie-up after Wachovia, […]
Britain mulls buying shares to recapitalise banks: reports
LONDON, October 6, 2008 (AFP) – British finance minister Alistair Darling is considering giving banks billions of pounds in return for shares to shore them up in the face of the global credit crunch, media reports said Monday. The plan is a middle way between full nationalisation, as with Northern Rock and Bradford & Bingley […]
Gloom engulfs corporate India: survey
NEW DELHI, October 6, 2008 (AFP) – India’s corporate optimism has sunk on worries about the global economy and weakening demand, according to a new survey Monday, as the stock market and rupee fell to fresh lows. Some 57 percent of the 348 firms in the cross-sector survey reported Asia’s third-largest economy had grown “moderately […]
Dubai shrugs off global turmoil with new mega projects
DUBAI, October 6, 2008 (AFP) – A Dubai government firm on Monday announced it will build a “new city” in the booming Gulf emirate at a projected cost of 95 billion dollars, shrugging off the global financial turmoil.The announcement came one day after Dubai developers Nakheel said it planned to build a tower which will […]