Category: Other

WASHINGTON, Aug 17, 2007 (AFP) – The US Federal Reserve said Friday it had cut its discount window rate by 50 basis points to 5.75 percent citing “increased uncertainty” in the financial markets.The Fed moved to lower the overnight interest rate it charges members banks for loans in a bid to help soothe the US […]

WASHINGTON, Aug 16, 2007 (AFP) – The United States on Thursday signalled opposition to any immediate expansion of the 21-member Asia-Pacific Economic Cooperation (APEC) forum, ahead of upcoming summit talks on the sensitive issue. “Our view right now is that we would like to focus on deepening reform within APEC before we look at expanding […]

NEW YORK, Aug 16, 2007 (AFP) – The dollar tumbled against the yen Thursday, but notched up gains against the euro and the British pound as investors unwound risky “carry trades” that had previously depressed the Japanese currency.Analysts said the Japanese currency’s fortunes had risen as some speculators unwound so-called carry trades, in which investors […]

LONDON, Aug 16, 2007 (AFP) – The European Commission will investigate the role played by credit rating agencies in the recent crisis over subprime US home loans, the Financial Times reported on Thursday. “If the rating agencies believe this is going to be business as usual, they are very wrong,” an unnamed Commission official told […]

TOKYO, Aug 16, 2007 (AFP) – The dollar and euro fell sharply in Asian trade Thursday against the yen, sliding to four-month lows as investors ran for cover from turmoil on equity markets over US housing woes, dealers said. The stock market rout made investors shun risk and unwind their “carry trades” — borrowings in […]

PARIS, Aug 16, 2007 (AFP) – World leaders on Thursday insisted that the US credit crunch would not cause an economic crisis but stock markets across the world plummeted yet again as investors remained unconvinced. Prime Minister Howard said Australia had a much smaller percentage of the sort of risky subprime mortgage loans that caused […]

RIYADH, Aug 14, 2007 (AFP) – A Sri Lankan housemaid in Saudi Arabia pleaded in a call to a newspaper to be rescued from her employer she says has kept her imprisoned for the past 10 years, the Saudi newspaper reported on Tuesday. The Arab News said it received the cry for help from Anista […]

YANGON, Aug 15, 2007 (AFP) – Myanmar’s military government secretly doubled key fuel prices early Wednesday, stranding bus operators and commuters across the country’s economic hub Yangon as drivers struggled to tank up.Official media made no mention of the increase, the first in two years, and station operators were at a loss to explain the […]

TOKYO, Aug 15, 2007 (AFP) – Most Asian stock markets suffered another mauling in early trade on Wednesday after an overnight slump on Wall Street dashed hopes of an end to recent turmoil sparked by US mortgage woes. The latest wave of selling came despite recent efforts by the world’s major central banks to restore […]

LONDON, Aug 15, 2007 (AFP) – Europe’s main stock markets tumbled again on Wednesday as investors were gripped by concerns over a potential global credit crunch sparked by the troubled US home loan sector. The American markets turned lower in the wake of a media report about a troubled investment fund, Sentinel Management Group. Global […]

CHICAGO, Aug 13, 2007 (AFP) – US researchers said Monday they have invented a lightweight paper battery that could serve as an enhanced power storage device for the next generation of consumer electronic devices.The battery produces electricity in the same way as the conventional lithium-ion batteries that power so many of today’s gadgets, but all […]

TOKYO, Aug 14, 2007 (AFP) – The Bank of Japan said Tuesday it will withdraw 600 billion yen (5.0 billion dollars) from the short-term money market through sales of treasury notes, a move aimed at easing excessive liquidity.The step came after the central bank had injected 600 billion yen into the banking system on Monday […]