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Football's controlling body FIFA on Friday said that the global economic crisis has not caused a problem for the organization.
"We are glad that the crisis has not touched FIFA. We are not Swiss for nothing. We are still a safe company," general secretary Jerome Valcke said.
Addressing a press conference in Johannesburg...
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When Zafar Wahid, a project manager with Liberty Life insurance company, was relieved of his car at gunpoint in Johannesburg recently, he knew exactly where to go to get a knock-down replacement.
On an unseasonably cold summer's evening, Wahid, still wearing his work trousers and tie, walks past a string of cars in Burchmore's...
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While markets in the United States, Europe and Asia were receiving their worst battering in decades last week, Africa's economy, which has been relatively unscathed by the global financial meltdown, came in for some rare praise.
British liberal weekly, the Economist, which once described Africa as "the hopeless continent,"...
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Confusion struck Zimbabwe's financial system Friday after the central bank stopped electronic transfers, following the currency's crash to a new record low.
State radio quoted Reserve Bank of Zimbabwe governor Gideon Gono as saying that electronic transfers had been suspended because they were "being used for illicit foreign...
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Hungary, one of Europe's hardest-hit nations in the global financial crisis, could begin talks aimed at adopting the euro as early as 2009, Finance Minister Janos Veres said Thursday.
Veres said he was envisaging negotiations for Hungary to join Europe's Exchange Rate Mechanism, known as ERM-II. Nations have to meet ERM's currency...
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Markets across the Asia-Pacific ended a roller-coaster week mixed on Friday with key bourses in Hong Kong and Tokyo down despite a much-anticipated rate cut by the Bank of Japan.
Asian markets had posted significant gains mid-week with daily surges of up to 10 per cent or even more after a rate cut in the United States, making up...
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The European Union is ready to step up its support to member states hardest hit by the financial crisis by more than doubling the amount of aid available to 25 billion euros (31.2 billion dollars), top officials in Brussels said Wednesday.
The move came hours after the bloc threw a 6.5-billion-euro lifeline to Hungary.
"We all...
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Ukrainians expressed optimism, but still faced a shaky economy after the International Monetary Fund (IMF) said it will provide financial support to the hard-pressed country.
The IMF on Sunday simultaneously announced a 16.5-billion-dollar credit for Ukraine. Additionally, it said it plans to give Hungary, which is also facing...
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Banking shares led a sharp decline on the Frankfurt stock exchange Monday, as European markets reacted with extreme nervousness to the bankruptcy of US bank Lehman Brothers.
Commerzbank fell most, declining 13.6 per cent to 15.11 euros by mid-afternoon, as the DAX index of the top 30 shares fell 4.0 per cent to 5987. During Monday's...
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Share prices tumbled in early trading in Europe on Monday as markets reacted to the financial turmoil triggered by the demise of US investment bank Lehman Brothers.
Germany's blue-chip DAX fell 2.8 per cent, while the Paris bourse lost nearly 3.5 per cent and the London Stock Exchange was down more than 2 per cent. In nearly all cases...
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 French President Nicolas Sarkozy
does not hesitate to fight back in public when someone is stepping on his
shoes. The recent public outburst when Sarkozy told someone to “get lost” at
the agricultural fair in Paris
was recorded by a freelance cameraman and it has become an Internet hit.
The incident occurred Saturday at
the...
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Indian equities ended 5.5 per cent higher Friday on Prime Minister Manmohan Singh's assurance that the Indian economy would weather the global financial crisis and sustain a growth rate of 8 per cent.
The 30-share Sensitive Index, or Sensex, of the Bombay Stock Exchange, which had fallen more than 2,000 points over the past seven...
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After dipping by over 3 per cent in early trade, India's stock indices staged a smart recovery on assurances by the country's federal bank that it was committed to ensuring adequate liquidity in financial markets.
The Bombay Stock Exchange's benchmark 30-share Sensex saw a day of volatile trading. Beginning on a positive note, it hit...
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India's benchmark Sensitive Index jumped 585 points Monday, buoyed by weekend interest rate cuts announced by the country's central bank.
The 30-share Sensex of the Bombay Stock Exchange closed at 10337.68, 5.62 per cent above its previous close.
The broader 50-share Nifty of the National Stock Exchange rose 5.48 per cent to...
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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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Indian equities soared by 8 per cent on Friday tailing positive cues from global markets after rate cuts in the United States and Japan.
The 30-share Sensex of the Bombay Stock Exchange closed at 9,788.06, up 8.22 per cent.
The broader 50-share Nifty of the National Stock Exchange closed at 2885.60, up 6.99 per cent up on...
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Markets across the Asia-Pacific ended a roller-coaster week mixed on Friday with key bourses in Hong Kong and Tokyo down despite a much-anticipated rate cut by the Bank of Japan.
Asian markets had posted significant gains mid-week with daily surges of up to 10 per cent or even more after a rate cut in the United States, making up...
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The International Monetary Fund (IMF) on Friday said the Turkish economy was in better shape than it was in the past but that the global credit crunch is a danger for an economy dependent on external financing.
"The Turkish economy is more resilient today than in the past, but will unavoidably be affected by the retrenchment of...
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Markets across the Asia-Pacific on Thursday saw the roller-coaster ride they have been taking in recent weeks make an upward surge with key markets jumping more than 10 per cent on news of an interest rate cut by the US Federal Reserve.
Japan's benchmark Nikkei 225 Stock Average ended trading up nearly 10 per cent after the US...
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Singapore's central bank said Tuesday it stands ready to intervene and manage the Singapore dollar exchange rate if volatility continues.
Citing the weakening external economic environment and its impact on Singapore's economy, the bank said its monetary policy would shift to keeping the currency from appreciating too much, which...
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Asia-Pacific stocks took dives Thursday amid bearish sentiment triggered by Wall Street's sharp overnight losses as well as a dismal global and regional economic outlook.
The market in the region's largest economy, Japan, also dipped as a stronger yen dimmed sales prospects among the country's export-oriented manufacturers.
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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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Key stock markets across Asia edged upwards on Friday, recovering slightly from record drops earlier this week, as investors cautiously ventured back into the market after a surge on Wall Street.
Indexes around the region see-sawed between small gains and losses, as investors reacted to mixed signals from Asia's economies.
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Markets across Asia plummeted Thursday, dragged down by US retail sales data and concerns about whether bank bail-outs would be able to rescue financial markets and avert a recession.
The Tokyo stock market plummeted more than 11 per cent after Wall Street's blue-chip Dow Jones industrials lost nearly 8 per cent overnight amid...
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As house sales and prices tumble in China amid heightened uncertainty brought by the global financial turmoil, millions of would-be first-time buyers are locked in a standoff with giant, government-backed property developers.
"Developers expect the government to save the market and loosen the control of property loans,"...
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With the global credit crisis leading to the worst slowdown in the Indian real estate market in recent times, agents and developers are hoping the festive season surrounding Diwali, the Hindu festival of lights, will drive away the gloom.
Coming at the end of October, Diwali will prove a crucial period for developers as many...
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Shares closed slightly higher Thursday on the Seoul stock exchange as central banks around the world, including South Korea's, cut interest rates.
The benchmark Kospi index edged up 8.2 points, or 0.6 per cent, to close at 1,294.89.
Advancing issues outnumbered losers 414 to 406.
The main index of the technology-heavy...
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Stock markets throughout Asia and the Pacific fell sharply Wednesday in response to Wall Street's plunge and mounting fears of worldwide recession.
Japan's benchmark Nikkei 225 Stock Average nosedived to its lowest closing level since June 2003, with losses amounting to the third biggest one-day drop in post-war Japan.
The Nikkei...
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Stock markets throughout Asia and the Pacific fell sharply Wednesday in response to Wall Street's plunge and mounting fears over a worldwide recession.
Japan's benchmark Nikkei 225 Stock Average nosedived to its lowest closing level since June 2003, with losses amounting to the third biggest one-day drop in post-war Japan.
The...
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The European Union's finance
ministers agreed the official exchange rate for the euro against the
Slovakian koruna Tuesday: from January 1, 30.126 koruny will buy one
euro. The ministers also gave formal approval for Slovakia to
become the 16th country to join the eurozone at the beginning of 2009.
The 1:30.126 rate was the one...
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 A nine-year ban on city funding for needle-exchange programs
in the District of Columbia has been lifted, a move city officials say is key to
reducing the soaring rate of AIDS and HIV infections in the nation's capital.
President Bush on Wednesday signed a $555 billion federal
spending bill that includes a provision allowing the...
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Pakistani stocks nosedived
4.11 per cent Monday ahead of a central bank meeting that was expected
to bring a jump in interest rates, traders said. The benchmark KSE-100 Index of the Karachi Stock Exchange fell 453.68 points to close at 10,578.49.
The plunge was seen a day before the State Bank of Pakistan was
forecast to lift...
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India's inflation rate rose
to 11.89 per cent as its industrial growth fell sharply, official data
showed Friday, raising fresh concerns for the government that is
already in a bind over a nuclear deal with US. The annualized
inflation rate, which has been linked to India's wholesale price index,
moved up by 0.26 per cent from...
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 The US Federal Reserve Chairman Ben S. Bernanke appeared before the Senate Banking Committee an Thursday, forecasting a rather slow, but not negative growth in the US economy, which would be helped, if not assured by the Fed.Bernanke stated that the Fed would "act in a timely manner" in order to ensure economic growth, a...
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 The Asian stocks on Wednesday began recovering a lot of the loss they registered in the previous day's trading, especially due to the US interest rate cut that is intended to keep the world's biggest economy from facing a recession.Hong Kong stocks had the most spectacular recovery, as it raised 10.72 percent after the big overnight...
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 Tokyo stocks hit their lowest point in more than two years Monday and
Hong Kong stocks saw their biggest one-day percentage fall since 2001
as fears over a looming US recession drove the market down nearly 5.5
per cent.
Japanese investors remained skeptical over US President George W
Bush's economic stimulus package and shed a...
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 The growing concerns on the US economy that might beheading towards a recession fueled by the lately reports on the falling employment rate caused the drop in Asian stocks on Monday, as many of the exporters could be disastrously affected by the plunge of the US demand.While the United States are Asia’s largest export market, the mining...
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 A survey that was published on Tuesday has shown that the German business confidence rose unexpectedly, while the international market still deals with the regress imposed by the United States mortgage crisis and the soaring oil prices.The German Ifo economic institute’s index has increased, rising the business confidence at 104.2 points...
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 The price of crude oil has climbed at a record that surpasses 99 dollars per barrel on Wednesday, in the Asian trading, reaching 99.20 dollars per barrel, while in electronic trading on the New York Mercantile Exchange it climbed at 99.29 dollars, crude oil for January delivery raising as much as 1.26 dollars, or 1.3 percent.The price...
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 US Federal Reserve Chairman Ben Bernanke on Thursday said he expected
slower growth and higher inflation through the end of the year and into
early 2008 amid "turmoil" in financial markets and rising energy
prices.
Bernanke told Congress in a hearing that despite solid growth of
3.9 per cent in the third quarter, the Fed...
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 Alcatel- Lucent posted a net loss of 3.52 billion euros (5.12 billion dollars), or 0.20 per diluted share during 2007, its first year as a merged entity, after the French telecoms equipment group Alcatel acquired Lucent in 2006.For the full year 2007, Alcatel-Lucent’s revenue was 17.79 billion euros, 2.5 percent lower than 2006 at...
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 Microsoft Corporation reported its figures for the second quarter, showing a record growth of 30 percent, 87 percent and 92 percent for revenue, operating income and diluted earnings per share, respectively, in comparison to a year before.As its revenue reached 16.37 billion, it has exceeded Microsoft’s previous record by around 2...
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 Due to the worst U.S. housing recession since 1991, the home-improvement retailer, Lowe’s Cos., has announced on Monday that its third quarter profit fell by 10 percent and reduced its forecast for the annual profit for the second time in two months.The company said that the fall was caused by the bigger energy costs and the...
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 The German software making
company SAP AG has recently announced that during the third quarter of the
current year its growth of revenues and profits has been slowed down by the
Euro’s reaching strength. The German company has reported for the third quarter
of 2007 revenue of 2.4 billion ($3.4 billion), which is only up to 9...
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 H. J. Heinz Company reported strong first-quarter profit, which rose some 6 percent over the last year. The company, which dates back to 1869, managed to successfully launch new products last year such as Heinz soup in the U.K. and handheld Weight Watchers meals. They also launched Heinz Beanz Snap Pots, beans in microwaveable...
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 US President George W Bush directed his attention to economical problems Thursday urging China to remove the ban on beef import from US and let the yuan appreciate. ”One of the issues that I emphasised ... was that we're watching very carefully as to whether or not they will appreciate their currency. That's all in the context of making...
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| Currency |
USD |
EUR |
GBP |
YEN |
| USD |
------ |
0.793 |
0.672 |
92.985 |
| EUR |
1.262 |
------ |
0.847 |
117.329 |
| GBP |
1.489 |
1.180 |
------ |
138.459 |
| YEN |
0.011 |
0.009 |
0.007 |
------ |
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