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The leader of a military coup in Guinea has invited foreign diplomats to come to the West African nation this weekend for talks in a move intended to reassure the international community.
Captain Moussa Dadis Camara said in a statement on national radio late Thursday that the UN, EU, African Union and the Economic Community of...
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Guinean soldiers attempting to seize control after the death of long-term president Lansana Conte Wednesday announced an overnight curfew throughout the country.
The move comes after the coup leaders named a national council to replace the government. However, it remains unclear who is actually in control of the West African...
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The Islamic finance industry, which refers to the banking activity conducted in accordance with the principles of Sharia (Islamic law), gained the limelight over the past two months during the global financial turmoil as one of the relatively safe havens for investments.
Executives of Islamic banks and financial institutions have been...
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India, once safely cocooned from the world economy, is struggling to maintain its rapid economic growth as a global recession spreads its tentacles.
But its carefully graded integration with the world economy may have cushioned India from the worst of the current global financial volatility, analysts and officials said.
After...
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Lebanese banks have managed not only to survive the effects of the global economic crisis, but the country has even registered gains in its banking sector.
The head of research at Byblos Bank Group, one of Lebanon's biggest banks, Nassib Ghobriel, believes that the country's solid banks present "an attractive alternative to...
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The US dollar is trading higher against the Vietnam dong on the country's black market since the State Bank of Vietnam expanded the currency's official trading band to 3 per cent, bank experts said Tuesday.
"The rising dollar stems from people's fear that foreign investors will withdraw capital from Vietnam," said Dao...
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Most Arab stock markets rebounded in the last two days of the week curtailing losses they incurred earlier.
But analysts said Friday regional bourses would remain "cautious" pending developments on world markets after the US Fed's decision to slash interest rates by 50 basis points.
"I believe Arab stock markets will...
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Axa New Zealand Ltd said Tuesday that it had frozen three managed mortgage funds worth a total of 225 million New Zealand dollars (121.5 million US dollars) to head off a feared run of withdrawals from 5,000 investors.
Ralph Stewart, chief executive of the insurance and investment management firm, said withdrawals from the Mortgage...
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Asia-Pacific stocks soared Monday after South Korea announced a more than 130-billion-dollar package to stabilize the country's financial sector.
Japan's benchmark Nikkei 225 Stock Average was up 3.59 per cent at 9,005.59 while its broader Topix index of all first-section issues gained 3.7 per cent to close at 927.37.
The...
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While the global financial crisis has driven investors around the world to buy dollars in a flight to quality, depositors in Vietnam have been doing the opposite recently, shifting money from dollars into Vietnamese dong, bank officers said Monday.
For years, Vietnamese have preferred to save money in dollar-denominated accounts as a...
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Stock markets across Asia see-sawed Friday between small gains and losses, as investors reacted to mixed signals from Asia's economies, with most markets ending the week down, not able to recover from the earlier plunge.
Countering the trend, Tokyo stocks climbed Friday after an overnight surge on Wall Street to end trading up...
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Singapore shares ended the week on a lower note Friday, with the Straits Times Index (STI) dropping by 72.69 points, or 3.72 per cent, to close at 1878.51.
At mid-day, the STI was up 9.71 points to 1960.91, however, the afternoon saw selling pressure due to gloomy economic outlook despite government support for the banking sector...
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About half of Australia's 21-billion-Australian-dollar (14.7-billion-US-dollar) government surplus is to be spent trying to ward off a recession, Prime Minister Kevin Rudd said Tuesday.
To breathe life back into consumer spending habits, around a quarter of adults would receive an early financial Christmas present that Rudd said he...
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Asia's stock markets surged Tuesday after the governments of the world's leading industrial nations announced plans to solve the global financial crisis.
Tokyo's stocks rocketed with the benchmark Nikkei 225 Stock Average posting its largest single-day gain in Japan's postwar history.
After being closed for a holiday Monday,...
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Having lived and learned from the 1997 crisis, South-East Asia's property markets have so far proved resilient to the US subprime crisis and knock-on financial meltdown but they are far from immune to the global mess.
"No one can get off scot free from what's happening because global liquidity has been reduced and also the...
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Indonesia's stocks recovered from early losses and were up 0.70 per cent Monday, in line with rebounding regional markets as the government raised its guarantee on bank deposits to help restore confidence in the economy.
The Indonesian Stock Exchange closed at 1,461.87 points, up 10.20 points or 0.70 per cent. The composite index...
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The Icelandic Financial Supervisory Authority took over the operations of the Landsbanki bank on Tuesday under the provisions of emergency laws passed late Monday, as Russia offered the country a massive loan to aid its ailing economy.
The agency said the Landisbanki's domestic deposits were "fully guaranteed" in accordance...
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 China urged banks to reserve higher sums, as a consequence of the fact that deposits accelerated after inflation, reaching the fastest pace since 1996. It is the fourth time when the Asian country needs to make such an appeal, after the similar recommendations made on January 25, March 25 and April 25.
As a prompt response to this...
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 Japan and China are growing closer following years of tensions but "are
still very far from a solution" in the ongoing territorial dispute over
rich oil and gas deposits in the East China Sea, officials said Friday.
Japanese Prime Minister Yasuo Fukuda, on a four-day official visit
to China, and his Chinese counterpart...
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Holdings of credit deposits at the Dutch Central Bank (DNB) made by the country's commercial banks has reached a record high, DNB announced in a statement Wednesday, in a sign that ongoing financial turmoil is prompting conservatism among lenders.
DNB is now holding more than 40.7 billion euros (51.79 billion dollars) in credit...
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The Swedish parliament Wednesday approved a stability plan including the establishment of a fund to help banks that run into problems in the future.
Financial Markets Minister Mats Odell said the "stability plan would take immediate effect."
The plan included safeguarding deposits and restoring confidence between the...
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It is the job of David Smith to keep on top of his box of index cards marked "serious buyers."
But as tight loans and tumbling prices keep a stranglehold on Britain's once buoyant property market, hardly any of his clients bother to ring back.
Estate agents like Smith are nostalgic about the days of the property boom when...
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German banks across the board have been steadily winning new customers as the financial crisis mounts, statistics released Thursday show.
Rather than withdrawing money from banks to hide under the mattress, Germans appear to regard banks as the safest place, especially after a promise last month by Chancellor Angela Merkel that not...
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Since the US takeover of mortgage giants Fannie Mae and Freddie Mac on September 7 and the collapse of Lehman Brothers and Merrill Lynch a week later sparked panic around the world, European governments have propped up their own banking systems in a largely uncoordinated scramble.
Here is a chronology of their responses:
September...
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Bulgaria will raise guarantees for bank deposits from 20,000 to 50,000 euros (27,200-68,100 dollars), Prime MInister Sergei Stanishev said Thursday.
The decision to provide state guarantees for larger amounts in savings was made this week by the European Union to suppress panic as a crippling financial crisis spreads globally from the...
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Iceland's largest bank group Kaupthing was Thursday taken over by the Icelandic Financial Supervisory Authority.
Kaupthing was the third of the North Atlantic nation's major banks to be taken over by the agency under provisions of special legislation adopted late Monday.
Earlier this week the agency took over Landsbanki and...
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An Icelandic bank faces the confiscation of its Dutch assets if it cannot guarantee customers access to their accounts.
The bank, Icesave, is a subsidiary of Landsbanki, Iceland's second largest bank.
It began operations in the Netherlands in late May and has attracted 75,000 account holders with promises of unlimited deposits and...
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Spain's new fund to shore up banks facing the international financial crisis will raise public debt by up to 2.8 percentage points to a maximum of 41.6 per cent of gross domestic product (GDP) in 2009, officials said Wednesday.
Prime Minister Jose Luis Rodriguez Zapatero on Tuesday announced the creation of a government fund of 30...
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The European Union's finance ministers are set to call for a massive boost to the minimum level of bank deposit which member states guarantee, diplomats said Tuesday.
Current EU laws state that governments should as a minimum guarantee deposits of 20,000 euros (27,200 dollars), but the recent swathe of bank collapses and state...
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The euro area's finance ministers were meeting in Luxembourg on Monday amid plummeting stock market indexes and charges that governments were not coordinating their efforts to protect citizens' savings from the credit crunch.
About a third of the 15 European Union countries that share the common currency have already moved to...
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As Germany sought to calm the public with a "decisive" pledge about savings property lender Hypo Real Estate (HRE) came under pressure Monday from other banks and Berlin to sack its chief executive after HRE needed a vast bail-out.
Questions about the German government assurance of an estimated 1 trillion euros (1.4 trillion...
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The British government said Monday it was seeking clarification from Germany as to the nature and extent of the pledge to protect private savings.
A government spokesman said Prime Minister Gordon Brown would be speaking to German Chancellor Angela Merkel on the telephone later Monday to hear details of the German plan.
"Our...
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The Austrian government is to raise guarantees on savings deposits to prevent funds from flowing to Germany but wants to coordinate with other European Union members on the issue, Vice Chancellor and Finance Minister Wilhelm Molterer said Monday.
Molterer initially made his proposal on television late Sunday after similar moves by...
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Chancellor Angela Merkel's promise that personal savings at German banks are safe is a political assurance, her spokesman said in Berlin Monday, implying a statutory insurance of deposits was not planned.
"It's a political statement that can be relied on and is decisive," said Ulrich Wilhelm. The German government and its...
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Britain Friday increased the upper limit of guarantees offered to savers on deposits to 50,000 pounds (90,000 dollars), the Financial Services Authority (FSA) said.
The increase from 35,000 pounds is due to come into force next Tuesday as part of a wider package of stabilization measures worked out after the near-collapse of the...
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Nationalized British mortgage lender Northern Rock Thursday withdrew some of its savings products for new clients following a consumer rush on safe placings for their deposits, the bank said.
The measure was aimed at preventing having an unfair advantage from state ownership, it said. British savers have sought out Northern Rock, and...
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The European Union on Wednesday approved in record time Britain's nationalization of troubled financier Bradford & Bingley, the country's eighth-biggest mortgage lender, saying that it was in line with EU rules.
On Monday the British government decided to take the lender into public ownership and sell off its savings and deposits...
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The bosses of Dexia stepped down Tuesday after the struggling Franco-Belgian bank became the latest victim of the global credit crunch and was bailed out by three European governments.
In a statement out of Brussels, Dexia said it had accepted the resignations of its chief executive officer, Axel Miller of Belgium, and Pierre Richard,...
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The European Commission on Tuesday urged United States lawmakers to assume their responsibilities and swiftly approve a massive rescue plan amid global financial turmoil.
"The turmoil that we are facing has originated in the US, and has become a global problem," said commission spokesman Johannes Laitenberger.
"The...
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The Irish government will guarantee all deposits in Irish banks, a statement from the Department of Finance said Tuesday.
The government had recently announced it would guarantee deposits of up to 100,000 euros (144,000 dollars) and has now extended this to all deposits.
The banks covered are the Allied Irish Bank, the Bank of...
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The British government intervened Monday to save major mortgage lender Bradford & Bingley (B&B) by taking it into public ownership and selling off its savings and deposits business.
"We will do whatever it takes to ensure the stability of the financial system in the wake of the nationalization of Bradford & Bingley...
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Britain's Conservatives were set to start their party conference Sunday, with party leader David Cameron and other top leaders focusing on the economy and mapping out how they would handle it differently than the Labour government.
In remarks before the meeting in Birmingham, Cameron promised he would set out an...
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President Dmitry Medvedev called Wednesday for Russia to secure its Arctic borders because the region may hold more than a quarter of the world's offshore oil and gas reserves.
"Our first and fundamental task is to turn the Arctic into a resource base for Russia in the 21st century," Medvedev said at a meeting of National...
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Berlin demanded an inquiry Wednesday into why Germany's federal-government bank KfW handed over a reported 300 million euros (420 million dollars) to Lehman Brothers, only hours before the US bank failed.
Financial sources said KfW could only hope to recover about half the sum, with Lehman expected to pay 40 to 50 cents in the dollar...
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Arab stock markets tumbled this week as panicked investors dumped shares to avert worse repercussions of the global recession despite steps taken by financial authorities to replenish liquidity shortages, financial analysts said Friday.
"Investors in the region are still suffering from psychological pressures and indirect impact...
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Kevin Rudd needed something to give his poll ratings pep and it came in the ghastly form of a stock market meltdown that wilted the pension plans of millions of Australians.
Now, the approval ratings of the 50-year-old former diplomat, a year into his first spell as prime minister, suggest he could walk on water.
"It puts him...
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Sweden and Denmark on Monday joined the growing group of European countries that have raised state guarantees for bank deposits amid the ongoing financial turmoil.
In Finland, the cabinet committee on economic policy met Monday to discuss the events, saying Helsinki hoped the moves "will prove efficient in resolving the existing...
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French bank BNP Paribas will pay 14.5 billion euros (19.7 billion dollars) to take over the majority of the troubled insurance and banking giant Fortis in Belgium and Luxembourg, BNP Paribas said on Monday.
The deal, which involves 9 billion euros' worth of shares and 5.5 billion euros in cash, includes the purchase of 75 per cent of...
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US President George W Bush Tuesday said the US government's infusion of 250 billion dollars into the American banking sector was part of a systematic global strategy to calm markets and ensure "growth and prosperity."
The announcement followed coordinated moves by key European governments since the weekend to inject...
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The fallout from the largest-ever US bank failure rippled through markets on Friday after federal regulators late Thursday shut down the country's largest savings and loan, Washington Mutual Inc (WaMu).
The firm's assets were immediately sold to banking giant JP Morgan Chase & Co for 1.9 billion dollars, creating the largest US...
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It is a dramatic race against time - while Washington fights a battle over a mammoth rescue plan for the financial sector, the credit crisis is bringing down one US bank after another.
The latest victim was the country's once-leading savings bank, Washington Mutual Inc (WaMu). Federal regulators late Thursday shut down the...
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 The 2000-year dormant Chaiten volcano blasted ash some 20 miles into the Andean sky on Tuesday. As a result, the government ordered the evacuation of everyone living within a 30-mile radius of it. The military, navy and police helped to the evacuation process of thousands of people living in the neighbourhood of the volcano’s base....
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 Images taken by NASA’s Messenger spacecraft, which flew by the innermost planet a few weeks ago, proved that volcanic eruptions nearly 4 billion years ago player a bigger role in shaping the planet’s surface. Solidified lava in a crater as big as Washington and Baltimore metropolitan areas is deep enough to stack 12 Washington monuments,...
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 The US Department of the Interior officials announced that a controlled flood was released into the Grand Canyon in order to try to at least lower the damage that the construction of the Glen Canyon Dam did in the 1960s.The construction of the dam, finished in 1963, has affected the natural evolution of the river, which used to be warm...
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 On Tuesday, Norway revealed
a frozen vault that will be storing millions of seeds against wars and natural
calamities wiping out food crops from all around the world. The vault was
created deep within an Arctic mountain, so that it could be put into danger by
any natural or man-made disasters.
The “doomsday”
vault represents...
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 According to a
new study conducted by scientists at University of Colorado-Boulder, it seems
that the western United
States’ states have become no less than 500
percent dustier during the past two centuries. Why has this happened? The
answer is simple: it is because of human activity.
Jason Neff, a
geological Assistant...
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 The US space probe Messenger made its nearest approach Monday to
Mercury during its three-year, 3.5-billion- kilometre journey to the
rocky planet nearest the sun.
The website for the NASA mission showed a crescent view of Mercury,
snapped Sunday as Messenger was 760,000 kilometres from the planet and
heading to its close-up...
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 Researchers from UCLA say that as people live longer their
chances of developing Alzheimer's disease also increases and that fish oils can really
reduce chances of developing Alzheimer's. More importantly, they have found out
why this is so.
Greg Cole, professor of medicine and neurology, David Geffen School of
Medicine, UCLA and...
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 Northern Rock Plc, the U.K. stricken mortgage lender, has declared on Monday that the preferred bidder for the company is the Virgin Group, after it has previously bailed out the Bank of England.The Virgin Group, which is led by Richard Branson, the British multi-millionaire, has proposed to repay 11 billion pounds (22.6 billion dollars)...
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 In early July, the Dutch Supreme Court ruled that ABN Amro can proceed with selling LaSalle Bank Corporation to Bank of America without consulting shareholders prior to the transaction. This issue went to the Supreme Court after a court in Amsterdam decided to block the sale in May on the grounds that ABN’s shareholders weren’t consulted...
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A regional summit on the conflict in the east of the Democratic Republic of Congo is to take place in Nairobi Friday, a Kenyan foreign ministry official said Wednesday as small-scale fighting between rebels and pro-government militia continued for a second day.
"There will be a summit on Friday," Patrick Wamoto, Head of the...
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The Democratic Republic of Congo's armed forces are undermining the prospects of peace by working alongside rebel groups to mine tin and gold in the east of the resource-rich African nation, independent watchdog Global Witness said Wednesday.
The DR Congo's army (FARDC), supported by the United Nations peacekeeping force, is supposed...
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 Africa does it again. The
world’s biggest diamond was found.
A diamond was discovered recently in a mining camp in the North West province of Africa.
According to SAfm public radio the stone found was twice the
weight of the previous record-holder, the Cullinan Diamond, which weighed about
3,106 carats when found in present-day...
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 The troubled British bank Northern Rock is apparently collapsing after shareholders have joined savers in creating trouble for the financial institution. It seems that a domino effect was started which can only lead to the bank's collapse, if not for a miracle -- from the government. That's not entirely impossible:While British finance...
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 Online banking pioneer NetBank will sell all accounts including their Personal Finance and Small Business Checking, Certificates of Deposit, Money Market and IRA accounts to EverBank Financial Corp. The Atlanta-based company also announced it will shutdown its third-party mortgage origination business, NetBank Funding, and incur costs of...
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| Currency |
USD |
EUR |
GBP |
YEN |
| USD |
------ |
0.737 |
0.665 |
91.745 |
| EUR |
1.357 |
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0.902 |
124.475 |
| GBP |
1.504 |
1.108 |
------ |
137.975 |
| YEN |
0.011 |
0.008 |
0.007 |
------ |
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