Category: World

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, October 1, 2008 (AFP) – The US Senate will vote Wednesday evening on a revised 700 billion dollar Wall Street bailout, after the House of Representatives sparked economic turmoil by rejecting the original package. A Democratic Senate aide speaking on condition of anonymity confirmed the surprise vote would go ahead and the bill is […]

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 […]

CHICAGO, September 30, 2008 (AFP) – The privatization of the first major US airport could net the city of Chicago 2.5 billion dollars, officials said Tuesday. The 99-year lease of Chicago’s secondary airport, Midway, must still be approved by the city council and federal regulators but officials expressed confidence it would pass. “With this agreement […]

TOKYO, September 30, 2008 (AFP) – Stocks plunged in Asia Tuesday as fears of escalating financial turmoil triggered panic selling on world markets after Washington policymakers unexpectedly shot down a US financial rescue plan. In Tokyo and Hong Kong stocks were some five percent in the red despite calls from policymakers for markets to keep […]

WASHINGTON, September 30, 2008 (AFP) – Treasury Secretary Henry Paulson warned US lawmakers they had to act fast after the House rejected his 700-billion-dollar bank bailout, triggering panic selling as the global financial crisis deepened. Stock markets around the world plunged after US House members, wary an angry public will punish them on Election Day […]