Category: Other

WASHINGTON, September 22, 2008 (AFP) – US Treasury Secretary Henry Paulson is a wealthy former Wall Street CEO and free-market thinker who has made a radical turn to help engineer the most extensive government bailout of the US economy in decades. Paulson, 62, two years ago swapped his post as CEO of the venerable Goldman […]

BEIJING, September 22, 2008 (AFP) – Nearly 53,000 children in China have been sickened by milk powder contaminated by an industrial chemical, the government said Monday, dramatically ramping up its previous figures.A total of 52,857 children had been brought to hospitals after falling ill, a health ministry spokesman told AFP. Most had “basically recovered” but […]

WASHINGTON, September 22, 2008 (AFP) – US investment banks Goldman Sachs and Morgan Stanley will become bank holding companies and will receive new US government credit, the Federal Reserve announced late Sunday.Goldman Sachs and Morgan Stanley are the only independent investment banks remaining in the United States following a meltdown on Wall Street that saw […]

WASHINGTON, September 21, 2008 (AFP) – Senior US officials and lawmakers were locked in negotiations Saturday over an historic 700-billion-dollar bailout plan for the financial sector in the worst crisis since the Great Depression. Coming on the heels of the unprecedented government rescue of giant insurer American International Group (AIG) and the seizure of mortgage-finance […]

UNITED NATIONS, September 21, 2008 (AFP) – Growing polarization over Georgia, Iran, Kosovo, Darfur or the Middle East is reviving calls for a reform of the United Nations — especially the Security Council, which some say poorly represents today’s world. As the UN General Assembly prepares to kick off its annual general debate this week, […]

CAPE TOWN, September 21, 2008 (AFP) – South Africa faces huge uncertainties over the imminent resignation of President Thabo Mbeki, with much riding on the ruling party’s ability to manage a smooth transition, analysts said Sunday. Mbeki has agreed to resign after the African National Congress urged him to step down, a decision which will […]

MUMBAI, September 21, 2008 (AFP) – Indian fuel giant Reliance said on Sunday it would boost domestic oil and gas output by 40 percent over the next 18 months, calling the move a “quantum leap” toward national energy self-sufficiency. To receive instant alerts from LBO on your Dialog mobile type ‘act (space) lbo’ and send […]

WASHINGTON, September 21, 2008 (AFP) – The United States is “aggressively” pushing other countries to forge bailouts for their financial institutions similar to the unprecedented 700-billion-dollar rescue it is planning for Wall Street, US Treasury Secretary Henry Paulson said Sunday. To receive instant alerts from LBO on your Dialog mobile type ‘act (space) lbo’ and […]

LONDON, September 19, 2008 (AFP) – Oil and gold prices bounced higher this week as investors sought a safe haven while other commodities fell on fears that the financial crisis could sap global economic growth and dent demand. However, profit-taking was in evidence Friday as world stock markets soared, driven by hefty gains in the […]

WASHINGTON, September 20, 2008 (AFP) – US congressional leaders, stunned by the depth of the economic meltdown, considered Saturday quick legislative action on a White House-proposed huge financial sector bailout, but demanded help for US workers as well as reeling Wall Street firms. A senior official in the administration of President George W.Bush said the […]