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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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As the Japanese government hopes to encourage consumption by cash handouts as part of its economic stimulus plan, concerns are spreading over whether the money would reach some of the most active consumers.
Prime Minister Taro Aso's administration decided in late October to allocate about 2 trillion yen (20.63 billion dollars) to...
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India's top private-sector airlines Jet Airways and Kingfisher Airlines announced a wide-ranging alliance that will help both carriers to battle declining growth and cut fuel costs, news reports said Tuesday.
"The two airlines will be able to rationalize their operations and derive the maximum synergies and thereby offer the best...
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Malaysia's opposition leader Anwar Ibrahim on Monday called for a major review of the country's budget for next year, saying the government was in a "state of denial" of the seriousness of the collapsing global financial system.
In his maiden speech in Parliament, Anwar said that the projected national income and economic...
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Shares in China's main stock market lost more than 3 per cent Friday to end the worst week on record down 12 per cent, despite government measures aimed at stabilizing financial markets.
The key Shanghai Composite Index, which tracks shares traded in local and foreign currencies, lost 3.57 per cent to close at 2,000.57 points,...
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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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Panicked customers formed long queues Wednesday to withdraw savings from the Bank of East Asia in Hong Kong as rumours circulated that the bank was facing financial collapse.
The rumours spread mostly by SMS messages were categorically denied by the bank's management, but it was forced to extend business hours by 30 minutes to cope...
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A director of food safety in China's General Administration of Quality Supervision, Inspection and Quarantine died mysteriously in what authorities suspect was a suicide, a magazine reported Wednesday.
Wu Jianping, director of the administration's food production inspection and management division, died on August 2, one day after he...
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Twins born to a 70-year-old grandmother in
India's northern Uttar Pradesh state last month are doing well and
could be discharged in a day or two, hospital officials said Monday.
Omkari Panwar gave birth to the girl and a boy in Muzaffarnagar, about
160 kilometres north-west of the Indian capital Delhi, on June 24,
after...
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 Cisco Systems announced today that it has significantly increased the performance and capabilities of its cutting-edge routing platform, ASR 1000 Series Aggregation Services Router. From now on, the Cisco ASR 1000 Series 20 Gbps Embedded Services Processor (ESP) will double the service processing rate and deliver software enhancements...
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 On Monday, The Nikkei, the most important business newspaper in Japan, talked about Toyota’s 2009 plans for its Prius hybrid model. According to the popular publication, the company will use solar panels for the upcoming generation of automobiles.It seems the new Prius will feature rooftop solar panels, which will be used for partly...
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 On Tuesday, A123 Systems announced that it has started taking online orders from those Toyota Prius owners who want to switch from hybrid to plug-in hybrid. This can now be done by getting the new L5 battery module. However, it isn’t the cheapest of operations, as the battery and installation cost $9,995, to which $400 are added for...
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 A startup
company called intuitively Metaram announced on Monday a new technology that
allows the company to pack more RAM into a memory module just like that, in a
move that will allow people to simply quadruple memory without buying and
adding new hardware. If this is really true, Metaram’s technology will simply
overcome...
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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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Karlheinz Bellmann went to Iceland to find out what had happened to his savings of 110,000 euros (138,000 dollars), missing since the collapse of the country's Kaupthing Bank.
Four days later, on his way back to Germany, the father of four had other matters on his mind: "What can one do to help the people here?"
Crying...
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European Union countries must improve their energy efficiency and stop using the financial crisis as an excuse not to reduce pollution, the bloc's top officials said Thursday.
"The financial crisis has not diminished the risks to our planet deriving from climate change," European Commission President Jose Manuel Barroso...
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The SAS Group, the operator of the joint carrier Scandinavian Airlines, on Wednesday posted a pre-tax loss for third- quarter 2008, citing high fuel costs, the economic downturn and a goodwill writedown in its Spanish-based carrier.
SAS chief executive Mats Jansson said the group needed to implement more belt-tightening measures...
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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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Nordic telecommunications group Telia Sonera on Tuesday posted higher pre-tax income for third-quarter 2008, citing strong sales for its mobile and broadband operations.
The group said earnings before interest, taxes, depreciation and amortization (EBITDA) was 8.94 billion kronor (1.03 billion dollars), up 3 per cent on the...
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Banking shares took a hit Monday on the Stockholm stock exchange as the Swedish central bank said it would offer a 1-billion-kronor (125 million dollars) loan to the Carnegie Investment Bank AB.
The group's shares continued their recent slide, and had plunged some 60 per cent at midday but late-afternoon were down 50 per cent. The...
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The prime minister of Iceland said Monday he hoped the cash-strapped North Atlantic nation will be able to get loans from its Nordic neighbours.
"We hope for a quick response," Prime Minister Geir Haarde told reporters before a meeting of Nordic prime ministers in Finland.
The global financial crisis that has battered...
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The prime minister of Iceland said Monday he hoped the cash-strapped North Atlantic nation will be able to get loans from its Nordic neighbours.
"We are going to get through this crisis and move on," Prime Minister Geir Haarde told reporters before a meeting of Nordic prime ministers in Finland.
The global financial...
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Bavarian Finance Minister Erwin Huber said Wednesday he was stepping down from his post in the wake of the financial crisis that has engulfed the state-owned state BayernLB bank.
The troubled Munich-based BayernLB this week asked for 5.4 billion euros (7.1 billion dollars) from Berlin's bank rescue plan as a result, becoming the...
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Troubled German state bank BayernLB announced Wednesday a review of all its costs just one day after it said was tapping the government's financial rescue plan for 5.4 billion euros (7.1 billion dollars).
"We will be looking at all positions," said a spokesman of the Munich-based bank, which has been badly hit by the global...
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Swedish telecommunications equipment maker Ericsson's shares surged Monday after the group presented better third-quarter earnings than industry analysts had predicted.
By midday, the Ericsson share had climbed some 20 per cent, also helping to push the Stockholm bourse OMXS30 index over 3 per cent.
Ericsson's pre-tax income for...
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Austria's parliament took steps to pass a bail-out measures for ailing banks Monday, consisting of 100 billion euros (134 billion dollars) worth of capital injections and guarantees for inter-bank credits.
Although politicians have stressed that the country's financial sector is in good health, the government and five major Austrian...
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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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The Spanish government Monday drafted plans for a 100-billion-euro (135 billion dollar) lifeline to help the country's banks in the current financial sector crisis.
The cabinet approved by decree the funds to be used for guarantees for inter-bank loans among the country's banks and savings and loans banks for the period up to December...
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The Austrian government was set to announce on Monday afternoon plans to recapitalise banks and to raise their liquidity, according to an official statement.
The leading ATX index of the Vienna Stock Exchange soared by 11.88 per cent in the first hours of trading, following the news of the plan which is part of a package agreed to by...
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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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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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Computer giant Hewlett-Packard (HP) will cut 1,400 jobs in Germany over the next two years, a company spokesman said Monday in Boeblingen.
The announcement followed HP's purchase of IT-service provider Electronic Data Systems (EDS). About 1150 former EDS and another 250 HP employees were to lose their jobs over the next two years, the...
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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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Germany's finance sector reached agreement early Friday on the details of a planned multibillion-euro bail-out for Germany's ailing mortgage lender Hypo Real Estate, sources told Deutsche Presse-Agentur dpa.
The talks at the German Bundesbank headquarters lasted 12 hours, and revolved around how much each participant would contribute...
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Economists appealed Thursday for European Union governments to mount a joint bail-out of troubled banks rather than each nation acting for itself when banks stumble.
"Last week's US experience showed that saving one bank at a time won't work. A systemic response is needed and in Europe that means an EU-led initiative to...
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French President Nicolas Sarkozy has denied that France would propose a massive bail-out of Europe's finance sector similar to the Paulson plan put forward in the United States, a spokesman for British Prime Minister Gordon Brown said Thursday.
"President Sarkozy confirmed to the Prime Minister that it was not the case that 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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A top advisor to French President Nicolas Sarkozy said Thursday that the financial crisis has "temporarily" rendered the Maastricht criteria on public deficits not a top priority.
"Temporarily, (the criteria) are not the priorities of priorities. The priority is to save the world banking system and therefore save...
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A top advisor to French President Nicolas Sarkozy said Thursday that the financial crisis has "temporarily" rendered the Maastricht criteria on public deficits not a top priority.
"Temporarily, (the criteria) are not the priorities of priorities. The priority is to save the world banking system and therefore save...
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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 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 main index at the Amsterdam Stock Exchange continued to drop substantially on Monday.
The AEX, which has a relatively large proportion of financial funds compared to other European stock exchanges, dropped to a low of 337.14 points by 13:09 pm (1100 GMT), recovering slightly an hour later to 339.13 points (down 4.36 per...
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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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French President Nicolas Sarkozy has called a meeting with the heads of banks and insurance companies as evidence grew Monday that the US finance crisis had reached Europe.
In a press statement, Sarkozy's office said that Tuesday's meeting would "review the situation of the financial institutions as well as the availability of...
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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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Britain's biggest mortgage lender Halifax Bank of Scotland (HBOS) confirmed Wednesday that it was in "advanced merger talks" with leading bank Lloyds TSB.
Rumours and speculation about a possible merger between the two banks had been rife over the past few days, with HBOS shares falling sharply in London in the wake of the...
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Deutsche Bank appeared Thursday on the verge of taking a key stake in Postbank in the second mega-merger this month in Germany's banking industry.
Controlled by mail carrier Deutsche Post, Postbank has the largest number of retail customers in Germany. Deutsche Bank is the country's biggest bank by volume, with a 2-trillion-euro...
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The air crash that killed 154 people on August 20 at Madrid airport is expected to cause Spanair losses between 30 and 60 million euros (40 to 80 million dollars), Spanish press reports Thursday quoted sources of the airline as saying.
Ticket sales have dropped by about 8 per cent, reports said. Spanair human resources director Hector...
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Two Finnish paper and forestry groups announced plans to trim jobs on Wednesday, citing the need to cut costs amid lower worldwide demand for paper products.
Stora Enso, one of the world's largest pulp and paper concerns, said it planned to cut 1,700 jobs from its global workforce of 36,000 employees including 600 employees in...
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The Spanish charter carrier Futura International Airways was to resume flights Monday after suspending them for 24 hours on seeking bankruptcy protection, trade union sources said.
Representatives of management and employees were meeting in Palma de Majorca, where one of Europe's biggest independent charter airlines has its...
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 U.S. President George W. Bush opened the meeting of NATO
leaders in Bucharest, Romania on Wednesday. He held a speech
at the Palace of the Deposit and Savings Bank and demanded the alliance to “finish
the fight” in Afghanistan
and fortify its military forces in order to defeat Al Qaeda.
Bush also said that efforts must be made...
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 Hospital officials at Children’s Hospital
and Research Center Oakland announced Tuesday the facility will eliminate 84
jobs as a result of a growing gap between cost of providing services and
reimbursement through the state’s Medi-Cal program.
The cuts affect three doctors, half a dozen
nurses, many assistant schedulers,...
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 A Northern California biotechnology company announced on Wednesday that it would start auctioning five slots which would grant the people who buy them the opportunity to clone their family dogs.BioArts International, based in Mill Valley, California, is the only company in the world that has the licence for cloning dogs, cats and other...
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 Former music mogul Lou Pearlman, the man
who launched Backstreet Boys and ‘N Sync, was sentenced to 25 years in federal
prison after he pleaded guilty to two counts of conspiracy and single counts of
money laundering and presenting a false statement during a bankruptcy
proceeding.
But Pearlman had the chance to cut his
prison...
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 Former music mogul and mastermind behind boy bands
Backstreet Boys and ‘N Sync, Lou Pearlman was finally busted and brought in
court.
Pearlman pleaded guilty to several serious charges,
including federal charges of conspiracy, money laundering and making false
statements during a bankruptcy proceeding. He was accused of bilking...
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 According to a new study made by the University of Minnesota and the Nature Conservancy, the “farms” for biofuel crops, which created by turning native ecosystems and which are supposed to reduce the carbon emissions that worsen the global warming, are actually also producing huge amounts of emissions.“This research examines the...
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 The Asian stock markets have opened lower on Thursday, due to the Wall Street overnight falls that released pessimistic economic figures. Analysts believe that the decline is caused also by the United States government’s release of unfavorable economic figures.Hong Kong stocks have fell b 2.3 percent on Thursday, as the Hang Seng Index...
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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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Britain's Lloyds TSB Bank is taking over ailing mortgage lender HBOS in what is seen as the biggest shake-up in the banking sector in the wake of the current international market turmoil.
Chancellor of the Exchequer Alistair Darling said Thursday the merger was "absolutely necessary to ensure stability in the financial...
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The SAS Group, the operator of the joint carrier Scandinavian Airlines, reported a second-quarter pre-tax loss over record high fuel costs and overcapacity, the group said Thursday as it announced new belt-tightening measures.
The SAS share, however, gained 4 per cent in opening trading on the report and slipped slightly under that...
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 Despite the fact that the final Sunday in October has become
known as the end of daylight-saving time and the day to turn clocks back an
hour, this year Americans will have to wait one more week to get that chance at
an extra hour of sleep.
The Energy Policy Act of 2005 was passed by Congress and signed by President
Bush two...
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 A $925 million transaction brings Oxygen Media under the
possession of NBC Universal, a subsidiary of General Electric Co. It is a move
to attract the mostly-feminine public of the cable television network. The deal
is expected to be closed at the end of November and is worth $875 million
excluding the financial assets.
Oxygen...
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With a worried eye on plunging stock values a day after lawmakers rejected his financial rescue plan, US President George W Bush Tuesday again insisted that the US Congress act and warned of "urgent" consequences if it doesn't.
On Monday, the House of Representatives rebuffed a 700-billion- dollar life raft for Wall Street...
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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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Washington Mutual Inc (WaMu), the largest savings and loan association in the United States, has approached a number of private equity firms to gauge their interest in a takeover to shore up its financial position, the Wall Street Journal reported on Thursday.
The Seattle-based lender has lost more than 90 per cent of its share value...
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The government's chief financial gurus plan to tackle growing public anger over the White House's mammoth bank bailout plan before Congress on Tuesday by painting a dire picture of economic collapse if lawmakers fail to act.
"The market turmoil we are experiencing today poses great risk to US taxpayers," Treasury Secretary...
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The United States on Friday unveiled part of a massive, comprehensive federal plan to help resolve the ongoing US financial crisis and prevent a rush of new bank failures in the coming weeks.
The US Treasury announced a 50-billion-dollar guarantee programme for the money-market mutual fund industry, the first in a series of moves that...
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Anyone who expected Hillary Clinton to bow gracefully from the scene or be a sore loser may want to think twice after the heartfelt endorsement she delivered for her onetime rival Barack Obama for US president.
The former first lady, 60, made a grand, triumphant entry into the Pepsi Center convention hall Tuesday evening, creating a...
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US mortgage bank Fannie Mae reported on Friday a second quarter loss of 2.3 billion dollars, higher than previously predicted.
The loss amounted to 2.54 dollars a share, and marked the fourth straight quarter of losses for the US bank. The company recorded a 1.86 dollar gain in the same period a year ago.
Fannie Mae reduced its...
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 Dina Matos McGreevey, the wife of former Gov. Jim McGreevey
tried to convince a judge that she is entitled to alimony, saying she is deeply
in debt and about to lose her $81,000-a-year job at Columbus Hospital
in Newark. She
said that her mortgage, legal bills and a $100,000 loan from a friend have left
her deeply in debt.
The...
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 Dina Matos McGreevey, the wife of former Gov. Jim McGreevey tried to convince a judge that she was entitled to alimony, saying she was deeply in debt and about to lose her $81,000-a-year job at Columbus Hospital in Newark. She said that her mortgage, legal bills and a $100,000 loan from a friend had left her deeply in debt.The two...
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A suspected bank robber was shot dead late yesterday
afternoon by the police near a daycare center in a quiet residential
neighborhood, Boston Globe reports. It appears police received a report
regarding a robbery about 4 p.m. at a North Easton savings Bank branch in Mansfield and less than an hour later they pulled over...
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 According to G.E(General Electric) representatives, the
renowned industrial conglomerate is planning to close down lighting plants all
across South and North America leaving almost
14,000 people out of jobs.
This change comes as a result to ever-decreasing sales and
need of incandescent bulbs as oppose to energy efficient...
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 Philip Wang of the National Institute of Mental Health
conducted a study according to which investing in depressed employees, quickly
getting them treatment and even offering telephone psychotherapy, can cut
absenteeism while improving workers' health.
Many employers view mental health coverage as a financial
black hole, but the...
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