Category: Other

SYDNEY, Aug 14, 2007 (AFP) – Army chiefs from 19 countries, including the United States, Japan and India, met secretly in Sydney ahead of an Asia-Pacific summit in the city next month, the country’s army chief revealed Tuesday. The presence of the military leaders in Sydney, including US General George Casey, at the same time […]

TOKYO, Aug 13, 2007 (AFP) – Japan’s central bank announced Monday it will inject 600 billion yen (5.0 billion dollars) into the banking system to avert liquidity shortages after recent turbulence on global financial markets. The Bank of Japan had already pumped one trillion yen into the money market on Friday as part of a […]

SYDNEY, Aug 13, 2007 (AFP) – Australia’s central bank Monday said it saw global growth as strong despite the uncertainty created by the crisis in the US home loan market. The Reserve Bank of Australia (RBA) said rising delinquency rates in the US sub-prime housing market had resulted in a marked increase in volatility in […]

TOKYO, Aug 13, 2007 (AFP) – Japanese share prices rose 0.48 percent in morning trade Monday after Wall Street staged a late recovery Friday, although investors remained nervous about US mortgage problems, dealers said. Mizuho Financial Group fell 1,000 yen or 0.1 percent to 706,000, but Shinsei Bank rose five yen or 1.3 percent to […]

BRUSSELS, Aug 13, 2007 (AFP) – The emergency action taken by central banks, injecting money into the banking system, appears to have had the desired effect of calming down the financial markets, the European Commission said Monday. “We are following developments. We do note that markets appear to have calmed,” said Maximilian Strotmann, spokesman for […]

NEW YORK, Aug 12, 2007 (AFP) – Investors are girding for fresh stock turmoil in the coming week after riding a roller-coaster on world markets in recent days, amid fears that US home loan woes could trigger a credit crunch.“The biggest favor he (Bernanke) could do for himself and the markets is not to give […]

PARIS, Aug 11, 2007 (AFP) – US home loan woes caused more turmoil on world markets Friday despite the tens of billions of dollars released by central banks to stop the problem turning into a global economic crisis. A shortage of liquidity would restrict the ability of companies, and eventually consumers, to borrow, potentially slowing […]

PARIS, Aug 11, 2007 (AFP) – Newspapers worldwide fretted Saturday over the extent of the economic damage caused by contagion from US high-risk home loans after market turmoil spread across the globe.According to the paper, Bank of China and China Construction Bank, two of the country’s “big four” commercial banks, have said the crisis has […]

SINGAPORE, Aug 10, 2007 (AFP) – Singapore’s central bank is prepared to inject cash into the market to stabilise any fallout arising from problems in US subprime mortgages, an official said Friday. But Ong Chong Tee, deputy managing director of the Monetary Authority of Singapore (MAS), said there was no need to do so at […]

MANILA, Aug 10, 2007 (AFP) – The world’s top rice expert warned here Friday of “worrisome signs,” with high prices for rice and fertiliser and stocks at their lowest levels for about 30 years.Robert Zeigler, director general of the International Rice Research Institute (IRRI), said new farm technologies were needed to replicate the gains made […]

LONDON, Aug 10, 2007 (AFP) – Europe’s main stock markets slumped further in early trading on Friday, pulled down by global jitters over loans tied to the US housing market.About 75 minutes after the start of dealing, London’s FTSE 100 of leading shares stood at 6,155.50 points, down 1.84 percent from Thursday’s close. In Frankfurt […]

August 10, 2007 (LBO) – The International Monetary Fund warned the Indian Ocean tourist paradise of Maldives against money printing and dangers of a currency collapse as the country heads for a record budget deficit in 2007. Until 2004 when budget deficits started to rise the Maldives had low inflation and high economic growth and […]