In an apparent case of sabotage, six explosions blew apart natural gas pipelines operated by Mexico's Pemex state oil monopoly early today in Veracruz state, causing fires and forcing the evacuation of 15,000 people from surrounding towns.
Britain's biggest banks could be forced to cough up as much as 70 billion pounds over the next 10 days, as the credit crisis that has seized the global financial system sparks a fresh wave of chaos. Almost 20 percent of the short-term money marke
Banks and companies need to refinance almost $140 billion of commercial paper in Europe by the end of next week and may push up yield premiums on corporate bonds, according to Deutsche Bank AG, Germany's biggest bank.
Japan's gross domestic product for the April-June quarter declined 1.2 percent on an annual basis, the government said on Monday as it revised downward a preliminary estimate of 0.5 percent growth for the quarter. The adjustment marks the first
Premier Foods, the group behind Branston Pickle,Oxo,Mr.Kipling and Quinn, said a "systemic change" in world ingredient markets, with "violent rises" in many commodities, had heralded a new era, bringing to a close almost 15 years
(Another good reason not to invade) China for the first time became Iran's biggest trade partner in 2006, replacing Japan, according to customs-cleared trade and other data. This shows China, facing growing energy demand, is deepening
Asian stocks dropped for a third day after fresh evidence of the U.S. housing slump renewed concern the world's largest economy is headed for a recession. "U.S. data has so far been pretty discouraging,'' said Jung Seong Kook, who he
(Seems free markets aren't a part of China after all) Foreign acquisitions of Chinese companies will be subject to stringent new checks intended to protect national economic security under a new law passed Thursday. After 13 years on the drawing
Although a Republican who served briefly on the White House economic team of President George W. Bush, Bernanke has shown himself to be no laissez-faire ideologue...
The yen fell against the euro and the dollar for a second day as a rebound in stock markets across Asia prompted investors to borrow in Japan to buy higher-yielding assets. Japan's currency declined as the Morgan Stanley Capital International
The accord may lift a money-market freeze in Canada sparked by the meltdown in the U.S. subprime mortgage market. Commercial paper trusts have been unable to sell debt coming due this week. "This is a bad precedent, it's a bailout," sai
It was a bad day even by the standards of what has been possibly the worst week Asian stock markets have witnessed in recent years, as global equity turmoil from the U.S. subprime credit crisis continued to wreak havoc.
Chinese central bankers, French pension-fund managers, and staid German bankers have been the piggy bank for America's housing boom. Foreign loans to help Americans get mortgages have quadrupled to nearly $1 trillion.
(Adean is Russian for one) The central banks of the world have created around $300 billion worth of new money and debt - in two lousy freaking days! And why are they doing this? Perhaps it has something to do with how Michael A. Nystrom
World stock markets plummeted on Thursday as credit crunch fears mounted, sending Wall Street sliding and London into its steepest one-day fall since the run-up to the Iraq war. Share prices across the world skidded lower as investors reacted to m
Internal investigators have uncovered more than $1.4 billion of dubious payments at Siemens' telecoms and turbines divisions, far more than previously thought, the Sueddeutsche Zeitung said. "We're talking about enormous sums," the
China is still freeing people — including children — forced to work as slaves in illegal brick factories, two months after the scandal involving the brick yards was exposed, officials said Monday.
World oil prices are headed for $100 per barrel, Venezuelan President Hugo Chavez predicted, and said he will cut supplies to the United States if the U.S. government "attacks" the South American nation again. "I've always said tha
The European Central Bank scrambled to head off a potential financial crisis by pumping an emergency $131billion into the region’s banking system after liquidity in the interbank market started to dry up, threatening banks’ access to short-term funds
Asian stocks fell across the board on Friday and the yen extended gains as investors dumped riskier assets following a rout in global markets sparked by a flare-up in credit jitters. The fall came after U.S. stocks tumbled, with the Dow and S&P do
Central banks in the rich world no longer determine global monetary conditions. Exactly 30 years ago, in August 1977, The Economist published an article by Alan Greenspan, the former chairman of America's Federel Reserve
U.S. stocks turned negative, capping a three-day surge that had the Dow gaining the most in nearly four years, as credit worries turned global, with the European Central Bank and the Federal Reserve advancing cash to capital markets.
France's biggest listed bank, BNP Paribas, froze 1.6 billion euros ($2.2 billion) worth of funds, citing the U.S. subprime mortgage sector woes that have rattled financial markets worldwide.
World stocks tumbled after BNP Paribas became the latest bank to be hit by mortgage credit problems and shortage of cash in money markets prompted the European Central Bank to add emergency liquidity. The French bank froze more than $2 billion worth
The Chinese finally had enough of our strutting peacock of a President, and are letting him know they are willing to turn the US dollar overnight into paper by selling off their $1.3 trillion in cash reserves and concomitantly cease buying our bonds.
Germany, which last week became the first Ruropean country infected by the woes in the American mortgage market, suffered another blow Monday when a Frankfurt-based asset management firm closed one of its funds to halt withdrawals by rattled investor
The Chinese government has begun a concerted campaign of economic threats against the US, hinting it may liquidate its vast holdings of US treasuries if Washington imposes trade sanctions to force a yuan revaluation.
Frankfurt Trust, the mutual fund manager of Germany's BHF-Bank, stopped withdrawals from a fund after clients removed 20 percent of their money since the end of July amid concern about the U.S. subprime loan debacle.
Money, you love it and you need it. But what IS money? How can you get real security when you know that those in power are setting the table so they can have your assets for lunch? You need to know. Hear Jim Capo on the Spiritual Politician this
Gold suffers because it is sold as a liquid asset by funds and investors to make margin calls among other things. As losses cascade in this latest world stock crash in Asia - down 2 to 4% last night, Europe - down about 2%, and US down 2% or so