Category: World

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 […]

NASHVILLE, October 8, 2008 (AFP) – John McCain hammered away at unruffled front-runner Barack Obama in Tuesday’s second presidential debate but failed to land the cutting blow likely to revive his sliding poll numbers. Gallup’s daily tracking poll Tuesday reflected the high stakes for McCain, giving Obama a nine point lead nationally, while the Democratic […]

KUWAIT CITY, October 8, 2008 (AFP) – Gulf stock markets tumbled for the fourth day running on Wednesday amid growing fears that policymakers may be powerless to stop the worst financial shock since the Great Depression. The plunge slashed many more billions from the combined value of regional markets to add to enormous losses chalked […]

REYKJAVIK, October 8, 2008 (AFP) – Iceland’s central bank said Wednesday it was abandoning efforts to shore up the krona, saying there was “insufficient support” for the exchange rate it had locked in at 131 kronur to the euro a day earlier. “For the past two days, the central bank of Iceland has carried out […]