Category: World

WASHINGTON, October 11, 2008 (AFP) – The International Monetary Fund said Saturday it was ready to lend to countries in need of capital, as the 15 eurozone economies and Britain redied a Paris summit to seek a joint response to the global financial crisis. “Using its emergency procedures, the Fund stands ready to quickly make […]

WASHINGTON, October 11, 2008 (AFP) – Treasury Secretary Henry Paulson said Friday that the US government planned to invest directly in US banks to prevent them from failing, expanding the focus of the government’s 700-billion-dollar rescue plan. “We’re going to do it as soon as we can do it and do it effectively,” Paulson said […]

WASHINGTON, October 11, 2008 (AFP) – The International Monetary Fund and the World Bank opened their annual meetings Saturday in the midst of global financial chaos that has governments racing to find the means to tame it. The meetings follow Wall Street’s worst week on record and a pledge by the Group of Seven major […]

SINGAPORE, October 10, 2008 (AFP) – Singapore’s trade-sensitive economy has declined for a second straight quarter, the government said Friday, meaning the city-state has entered a recession for the first time in six years.On a seasonally adjusted quarter-on-quarter annualised basis, real GDP declined by 6.3 percent in the third quarter after contracting 5.7 percent in […]

TOKYO, October 10, 2008 (AFP) – Asian stock markets went into a tailspin Friday, with Tokyo down more than 10 percent as fresh panic erupted over fears that authorities are unable to contain the global financial crisis.Bucking the trend was Moscow, where the leading stock markets closed around 10 percent higher, rebounding from the previous […]

TOKYO, October 10, 2008 (AFP) – The world’s major economies were to hold crisis talks later Friday in an attempt to end a massive sell-off on the global stock markets, as Asian shares were hit by another day of panic selling. The talks in Washington were expected to see finance ministers and central bankers from […]

PARIS, October 10, 2008 (AFP) – While governments worldwide have not yet agreed on a solution to fix the current global economic crisis, nearly all agree on the cause of the problem: the large bonuses awarded to executives.Bankers’ bonuses have come under scrutiny as taxpayers money is being used to bail out ailing financial institutions. […]

PARIS, October 10, 2008 (AFP) – Businesses needing cash by the end of the month or students seeking a loan for this academic year can expect a hard time at the bank despite blockbuster steps this week to burst the credit dam.The official onslaught — huge bank bailouts, savings protection, floods of central bank money […]

WASHINGTON, October 8, 2008 (AFP) – The Federal Reserve said Wednesday it had authorized a new 37.8-billion-dollar cash infusion into insurance giant AIG, which is under fire over a lavish spa retreat paid for by the company after its rescue by the government. The newly nationalized company, saved from bankruptcy last month and propped up […]

WASHINGTON, October 8, 2008 (AFP) – The International Monetary Fund said Wednesday that the global economy was sinking in a maelstrom of financial turmoil and faced a painful crawl toward recovery in 2009. “The world economy is now entering a major downturn in the face of the most dangerous shock in mature financial markets since […]

PARIS, October 9, 2008 (AFP) – The gold merchants of Paris may trade from shops in the shadow of the historic stock exchange building, but their business is booming even as the share market collapses.Nervous investors, who have seen house prices, equity markets and interest rates falling, are seeking shelter for their savings in what […]

TOKYO, October 9, 2008 (AFP) – The global financial crisis will have “considerable” effects on Asia but the region will fare well by world standards, Asian Development Bank president Haruhiko Kuroda said Thursday.He also downplayed concerns about the economies of Australia and South Korea, saying that the two countries were in good health considering the […]