Category: World

PARIS, Jan 27, 2008 (AFP) – A week from hell when he had to admit that 7.1 billion dollars had gone missing and another 3.5 billion was lost on the US subprime market, has tested even the mettle of crisis veteran Societe Generale chief Daniel Bouton. Societe Generale’s market value has lost more than 40 […]

COLUMBIA, South Carolina, Jan 26, 2008 (AFP) – Senator Barack Obama routed Hillary Clinton in South Carolina’s Democratic presidential primary on Saturday, riding massive African-American support to a critical win in his bid to become the first black US president. With 98 percent of precincts reporting, Obama led the former first lady 55 to 27 […]

DAVOS, Switzerland, Jan 27, 2008 (AFP) – Serious concerns were raised in Davos last week about the ability of the Chinese government to spy on the country’s 500 million mobile phone users.The head of China’s biggest mobile phone company, which has more than 300 million subscribers, stunned delegates by revealing that the company had unlimited […]

PARIS, Jan 25, 2008 (AFP) – Major world banks might need to raise a further 143 billion dollars in capital to confront the impact of ratings downgrades to bond insurers, a study by Barclays Capital warned Friday.A downgrade to the bond insurer would therefore force banks, which have already revalued billions of dollars in assets […]

DAVOS, Switzerland, Jan 26, 2008 (AFP) – World business leaders and political powerbrokers wrapped up their annual gathering in Davos on Saturday by revisiting the issue of global economic uncertainty that clouded this year’s event. “I would like to turn our moral compact into legally binding contracts. Then my advice to the developing world? Get […]

PARIS, Jan 24, 2008 (AFP) – The trader blamed for the near five-billion-euro fraud at French banking giant Societe Generale is “not on the run”, his lawyer said Thursday.The Paris prosecutor’s office opened a preliminary investigation into the scandal while scores of shareholders lodged suit against the bank for fraud and misconduct. “I can confirm […]

DAVOS, Switzerland, Jan 25, 2008 (AFP) – Corporate responsibility rather than profit was set to take centre stage in Davos on Friday, as the annual get-together of business chiefs turns its attention to issues of health, aid and development.“If every company here, if every country represented here would decide to divest from Iran, that can […]

TOKYO, Jan 25, 2008 (AFP) – Japan’s central bank chief on Friday dismissed a call for an interest rate cut in coordination with the US Federal Reserve, saying that current policies were enough to keep the economy firm.Central banks’ job is to “select appropriate policies by analysing outlooks of each country’s economy and prices even […]

PARIS, Jan 23, 2008 (AFP) – A stunning interest rate cut by the US Federal Reserve, followed by a clear signal from its European counterpart that it would not follow suit, illustrates sharp differences in the operating mandates of the two central banks. In Washington Tuesday, the Fed rode to the rescue of global stock […]

WELLINGTON, Jan 23, 2008 (AFP) – New Zealand’s central bank left interest rates unchanged Thursday, saying the economy was in good shape despite recent global market turmoil and fears of a recession in the US. Reserve Bank of New Zealand (RBNZ) Governor Alan Bollard left the official cash rate on hold at 8.25 percent, one […]

BEIJING, Jan 24, 2008 (AFP) – China’s economy grew a blistering 11.4 percent in 2007, reaching its highest level in 13 years, the government said Thursday, warning more needed to be done to address the rising threat of inflation. China’s policy-makers have long complained that consumption is too small and the savings rate too high, […]

PARIS, Jan 24, 2008 (AFP) – Trading in shares of Societe Generale was supended on Thursday after the French banking giant announced a sole trader was responsible for racking up 4.9 billion euros (7.15 billion dollars) in losses. Societe Generale announced earlier Thursday that a single trader was responsible for a massive 4. 9 billion […]