Category: Other

PARIS, March 18, 2008 (AFP) – A Paris court on Tuesday ordered the release of rogue trader Jerome Kerviel while investigators probe a multi-billion-dollar scandal at Societe Generale bank, a legal source said.The 31-year-old junior trader has been in detention since February 8. Societe Generale has blamed trades made by Kerviel for mammoth losses of […]

WASHINGTON, March 18, 2008 (AFP) – The US Federal Reserve opened a meeting Tuesday tipped to cut interest rates sharply as part of a multi-pronged effort to halt a mushrooming financial crisis, analysts say.Just two days after the US central bank engineered a dramatic bailout of collapsing investment bank Bear Stearns, the Federal Open Market […]

TOKYO, March 18, 2008 (AFP) – Japan’s government is set to present a new nomination for central bank chief to parliament Tuesday, the eve of the incumbent governor’s departure, a parliament official said. The ruling Liberal Democratic Party proposed Monday that Fukui carry on for an unspecified period of time, but the opposition rejected the […]

NEW YORK, March 17, 2008 (AFP) – The US dollar plumbed fresh record lows against the euro Monday as fears about America’s financial system spiked following a near collapse of Bear Stearns, prompting speculation about a possible central bank intervention. The single European currency briefly soared to a record 1.5905 dollars in Asian trading before […]

SINGAPORE, March 18, 2008 (AFP) – Oil prices retreated from record highs of almost 112 dollars in Asian trading Tuesday on worries energy demand would be affected by the financial market turbulence in the United States, dealers said. “The market could become even more vulnerable to selling due to the deteriorating economic conditions, as well,” […]

HONG KONG, March 18, 2008 (AFP) – The international community has reacted cautiously to the unrest in Tibet, urging restraint from both Beijing and Tibetans, even as street protests condemning China have grown in recent days.“We have really urged the Chinese over several years to find a way to talk with the Dalai Lama, who […]

WASHINGTON, March 16, 2008 (AFP) – In a rare Sunday action aimed at heading off fresh market upheaval, the Federal Reserve cut a key rate for direct loans to certain financial institutions and said it would offer immediate liquidity to the brokerage system.“Today’s moves by the Federal Reserve are the desperate acts of failing men. […]

WASHINGTON, March 16, 2008 (AFP) – US banking titan JPMorgan Chase said late Sunday it was taking over the crisis-hit investment bank and brokerage Bear Stearns for around 236 million dollars. President George W. Bush last month signed a 168-billion-dollar economic stimulus and the government and banks have backed a number of initiatives to help […]

TOKYO, March 17, 2008 (AFP) – World markets saw another day of turmoil and investor jitters Monday as Asian shares plunged, oil hit a fresh high and the dollar fell to a new bottom after the near-collapse of US bank Bear Stearns. Dealers said an emergency cut by the US Federal Reserve to its discount […]

PARIS, March 17, 2008 (AFP) – The most urgent economic priority for European governments is to limit the damage from “the financial market crisis” amid threats of inflation and recession, the head of the IMF said here on Monday.Reforms could take different paths in different countries, and a consensus was needed, as had been achieved […]

KUWAIT CITY, March 17, 2008 (AFP) – Oil-rich Gulf Arab states hit by high inflation are under pressure to revalue their currencies or drop the peg to the flagging US dollar, but de-pegging will come at a cost, analysts say.“If we want high oil prices we should not worry about the (high) price of tomatoes,” […]