Icelandic central bank abandons krona peg to euro
REYKJAVIK, October 8, 2008 (AFP) - Iceland's central bank said Wednesday it was abandoning efforts to shore up the krona, saying there was "insufficient …
World
Panicked Arab stock markets plunge
KUWAIT CITY, October 7, 2008 (AFP) - Shares plunged across the Arab world on Tuesday as panic over the global financial crisis gripped investors, with the …
New home for India’s Nano mini-car
GANDHINAGAR, October 7, 2008 (AFP) - India's Tata Motors signed an agreement on Tuesday to secure a new home for its troubled Nano cheap car project in the …
Nationalisations and rescues stepped up in finance debacle
PARIS, October 7, 2008 (AFP) - The EU moved to increase support for big banks as the international finance chaos deepened Tuesday, with Russia setting up a …
Fear as Icelandic bank freezes British transactions
LONDON, October 7, 2008 (AFP) - British customers with accounts in the online arm of faltering Iceland's second-biggest bank voiced alarm after it halted …
Fed to pay interest on statutory reserves, give printed money for nothing
WASHINGTON, October 6, 2008 (AFP) - The Federal Reserve and the US Treasury, armed with new emergency powers, announced measures Monday to tackle a rapidly …
Oil stays below 90 dollars
SINGAPORE, October 7, 2008 (AFP) - Crude oil prices remained below 90 dollars a barrel in Asia on Tuesday as deepening global financial turmoil and plunging …
Australia’s central bank slashes interest rates
SYDNEY, October 7, 2008 (AFP) - Australia's central bank slashed interest rates by one percent Tuesday amid fears of a global slowdown sparked by the US-based …
South Korea’s Lee discounts crisis fears as won plunges
SEOUL, October 7, 2008 (AFP) - South Korean President Lee Myung-Bak called for calm Tuesday as the won plunged, saying the nation does not face a repeat of the …
Royal Bank of Scotland sees shares tumble by a third
LONDON, October 7, 2008 (AFP) - Royal Bank of Scotland shares dived by a third on Tuesday, accelerating its losses as Britain's second biggest bank was hit by …
Wachovia rooting for Wells Fargo buyout despite Citi court block
WASHINGTON, October 6, 2008 (AFP) - Troubled lender Wachovia Corp. appeared determined Sunday to plow ahead with a planned union with Wells Fargo & Co., …
Britain mulls buying shares to recapitalise banks: reports
LONDON, October 6, 2008 (AFP) - British finance minister Alistair Darling is considering giving banks billions of pounds in return for shares to shore them up …
Gloom engulfs corporate India: survey
NEW DELHI, October 6, 2008 (AFP) - India's corporate optimism has sunk on worries about the global economy and weakening demand, according to a new survey …
Dubai shrugs off global turmoil with new mega projects
DUBAI, October 6, 2008 (AFP) - A Dubai government firm on Monday announced it will build a "new city" in the booming Gulf emirate at a projected cost of 95 …
Germany guarantees all private savings accounts: ministry
BERLIN, October 5, 2008 (AFP) - The German government has offered an unlimited guarantee for all private savings accounts, a finance ministry spokesman told …
British store sells ‘credit crunch’ for shoppers’ delight
LONDON, October 5, 2008 (AFP) - British department store Selfridge's on Sunday launched a new up-scale chocolate treat -- the "Credit Crunch" -- for shoppers …
Tata’s cheap car woes fuel debate on India’s industrial drive
NEW DELHI, October 5, 2008 (AFP) - A decision by the giant Tata Group to shift a factory building the world's cheapest car after angry farmer protests has …
UAE firms start pumping Kurdish gas over Iraq objections
DUBAI, October 5, 2008 (AFP) - United Arab Emirates-based firms Dana Gas PJSC and Crescent Petroleum announced that they had begun producing gas under a deal …
Smoking, coal set to claim tens of millions of lives in China
PARIS, October 3, 2008 (AFP) - Tobacco use and smoke from coal and wood are likely to claim tens of millions of lives in China over the next quarter-century, …
European leaders to try to find way out financial storm
PARIS, October 4, 2008 (AFP) - European leaders were set to try to cobble together a response to the global financial crisis at a mini-summit on Saturday …