Category: World

SEOUL, October 4, 2008 (AFP) – South Korea, Australia and Japan Saturday pulled melamine-contaminated sweets and drinks from supermarket shelves amid a widening scandal over Chinese milk products tainted with the toxic chemical. Authorities in Seoul ordered Mars and Nestle to pull three products after melamine, which is usually used for making plastics, was detected […]

NEW YORK, October 4, 2008 (AFP) – Combined US government debt is set to rise to levels unseen since the 1950s, but the United States should nevertheless be able to hold onto its AAA credit rating, the Fitch ratings agency said. “If all fiscal commitments announced to date materialize and are full by the end […]

DUBLIN, October 3, 2008 (AFP) – Ireland has passed a controversial emergency law guaranteeing bank deposits despite protests that the move gives its financial sector a competitive advantage over neighbouring countries. Dublin insisted it had to guarantee its six main banks to shore up the whole system, but Britain in particular argued the move is […]

NEW YORK, October 2, 2008 (AFP) – Oil prices tumbled Thursday, with worries about demand returning to the fore amid critical credit strains in the global economy and a stronger dollar keeping a lid on prices. New York’s main contract, light sweet crude for November, slid 4.56 dollars to close at 93.97 dollars a barrel. […]

HONG KONG, October 3, 2008 (AFP) – Stocks continued to tumble across Asia Friday on the back of heavy losses on Wall Street and amid concern over the fate of the multi-billion-dollar bailout deal for the US financial system. The House of Representatives in Washington was set to vote later in the day on a […]

FRANKFURT, October 3, 2008 (AFP) – The European Central Bank has opened the door to a rate cut in the coming months as its president Jean-Claude Trichet prepares for high-level financial talks in Paris on Saturday, analysts said. ECB policymakers “threw the door wide open for a rate cut in the foreseeable future,” commented Bank […]

WASHINGTON, October 2, 2008 (AFP) – The US Senate on Wednesday approved a 700-billion-dollar Wall Street bailout package by a vote of 74-25 amid a widening global crisis sparked by the collapse of the US housing market.Earlier in the day, Democratic House Majority leader Steny Hoyer sounded a note of caution, appearing to indicate the […]

SINGAPORE, October 2, 2008 (AFP) – World oil prices were up more than one dollar in Asian trade on Thursday shortly after the US Senate approved a revised government proposal to bail out the US financial sector. New York’s main contract, light sweet crude for November delivery, was 1.23 dollars higher at 99.76 dollars a […]

KIEV, October 2, 2008 (AFP) – The pirate hijacking of a Ukrainian cargo ship loaded with tanks off Somalia has refocused attention on arms-trafficking by the former Soviet republic, one of the world’s 10 biggest arms exporters.Experts say Ukraine has greatly improved arms-export controls after a string of scandals but remains a potential source of […]

BRUSSELS, October 2, 2008 (AFP) – Customs authorities at Brussels airport have seized over two million counterfeit medical pills from India which were bound for Africa, the biggest such seizure ever in Europe, officials said Thursday. Blister packs of the fake medications — copies of Tramal, a strong analgesic made by German pharmaceutical company Grunenthal, […]

WASHINGTON, September 30, 2008 (AFP) – US regulators Tuesday offered new guidelines aimed at easing accounting rules blamed by some analysts for worsening the crisis for banks with heavy losses from mortgage securities The Securities and Exchange Commission made the announcement offering clarification to companies preparing to report their financial results for the third quarter, […]

PARIS, September 30, 2008 (AFP) – French Prime Minister Francois Fillon has warned in an interview to appear Wednesday that the country’s banks are vulnerable given the global financial crisis, which he compared to the Great Depression.Fillon, however, said in the interview with Les Echos business newspaper that the state would not allow any banks […]