Category: World

LONDON, September 24, 2008 (AFP) – Oil prices dipped on Wednesday, erasing earlier gains and continuing this week’s roller-coaster ride, as traders set aside news that US crude inventories plunged last week. New York’s main contract, light sweet crude for November delivery, fell 84 cents to 105.77 dollars per barrel. Brent North Sea crude for […]

NEW YORK, September 24, 2008 (AFP) – US, European Union, Japanese and Norwegian envoys met here Wednesday to discuss the latest fighting in Sri Lanka, including the need for both sides to protect civilians, a US diplomat said. “The fighting has been expanding, heading toward the north,” Richard Boucher, the assistant secretary for south Asian […]

NEW DELHI, September 25, 2008 (AFP) – India’s airline sector has moved into negative growth and urgent reforms are needed if it wants to survive a “perfect storm” hitting the industry, an association said. To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ and send to 678 Growth has slowed from 33 […]

HONG KONG, September 25, 2008 (AFP) – The run on Hong Kong’s Bank of East Asia subsided on Thursday, as banking authorities soothed savers’ concerns that Wall Street’s financial crisis had spread to the city. Hundreds of customers queued for a second day across the city before branches opened as they scrambled to get their […]

WASHINGTON, September 24, 2008 (AFP) – A battle over the US government’s financial rescue package heated up in Congress Tuesday, with top finance officials urging its swift passage and lawmakers digging in their heels. Federal Reserve chairman Ben Bernanke and Treasury Secretary Henry Paulson, testifying to Congress after proposing the 700-billion-dollar bailout just days ago, […]

WASHINGTON, September 24, 2008 (AFP) – The US Federal Bureau of Investigation is probing allegations of fraud by 26 Wall Street firms including several investment giants whose collapse sent world markets into turmoil, US media said Tuesday. The FBI has set its sights on investment titan Lehman Brothers, mortgage giants Fannie Mae and Freddie Mac […]

KUALA LUMPUR, September 24, 2008 (AFP) – Malaysia Wednesday announced another 3.9 percent cut in petrol prices, following recent declines in world oil prices. Prime Minister Abdullah Ahmad Badawi said the price of petrol will be cut by 10 sen to 2.45 ringgit (0.72 dollars) while diesel prices will be cut by the same amount […]

BRUSSELS, September 23, 2008 (AFP) – Business activity in the 15 nations sharing the euro slumped in September to the lowest level since just after the attacks on the United States in 2001, according to a survey on Tuesday, fuelling fresh recession fears. To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ […]

BERLIN, September 23, 2008 (AFP) – Stopping practices such as cronyism and embezzlement can save lives in poor countries, a graft watchdog said Tuesday as Somalia, Iraq and Myanmar again came bottom in its global corruption rankings. To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ and send to 678 “In the […]

LONDON, September 22, 2008 (AFP) – IMF managing director Dominique Strauss-Kahn welcomed Tuesday the “bold steps” taken by the United States to stabilise the financial system, but warned global steps were required to get past the crisis. “I welcome the bold steps being taken in the US and look forward to their effective implementation,” the […]

WASHINGTON, September 22, 2008 (AFP) – Doubts emerged Monday about a gargantuan 700-billion-dollar US bailout of the finance system, plunging markets into renewed turmoil, as oil prices surged, the dollar slid and stocks faced fresh pressure. US and European markets fell hard as anxious investors waited on lawmakers to pass the measure and President George […]

WASHINGTON, September 22, 2008 (AFP) – US Treasury Secretary Henry Paulson is a wealthy former Wall Street CEO and free-market thinker who has made a radical turn to help engineer the most extensive government bailout of the US economy in decades. Paulson, 62, two years ago swapped his post as CEO of the venerable Goldman […]