Dubai: Asset diversification by the Gulf sovereign wealth funds and the possibility that the Organisation of Petroleum Exporting Countries(OPEC) will change the pricing of oil from the dollar to another currency could mean more trouble for the dolla
Saudi Arabia has refused to cut interest rates in lockstep with the US Federal Reserve for the first time, signaling that the oil-rich Gulf kingdom is preparing to break the dollar currency peg in a move that risks setting off a stampede out of the
Vietnam is planning to cut its purchase of US Treasuries and other dollar bonds, raising fears that Asian central banks with control over two thirds of the worlds foreign reserves may soon join the flight from US assets.
Qatar's $50 billion sovereign wealth fund has trimmed its exposure to the dollar.
WASHINGTON – The hottest selling book in China right now is called "Currency Wars....
Iran has slashed the use of the dollar in payment for its oil exports to 15 percent, an official said on Tuesday, amid growing pressure from arch-foe the US on its financial system. The vast majority of transactions for oil from OPEC's number tw
Swiss banking giant UBS warned the crisis in the US housing market had cost it $3.4 billion US dollars from its fixed income, rates and currencies division, as it announced a major management shakeup and plans to cut 1,500 jobs.
A friend of FMNN's and an active international trader says that trading partners at least two major Chinest banks have confirmed that their operative policy is to "sell dollars and buy euros and gold." While this may not be a formal go
China launched Saturday a long-anticipated state-owned investment company that is intended to manage around 200 billion dollars, or nearly one sixth of the nation's massive foreign exchange reserves.
The cost of borrowing pounds, dollars, and euros overnight rose as banks sought funding over the quarter-end amid a credit squeeze.
"Mankiw's 10 principles of economics, translated for the uninitiated", by Yoram Bauman, http://www.standupeconomist.com . Presented at the AAAS humor session, February 16, 2007.
Canadian companies were buying toxic US mortgage debt thinking it was marketable. $40-billion in ABCP is now frozen. A workout plan to convert short term debt to long term is failing. Uncertainty is spilling over into the rest of the credit market, d
The European Central Bank lent 3.9 billion euros ($5.5 billion) at its penalty rate, the most in almost three years, suggesting credit markets are still unable to meet banks' borrowing needs. The three-month London inter-bank offered rate for eu
Two German banks and one bank in the UK were knocked down by a credit crunch. The crunch in Europe continues as the ECB emergency lending fund which attracts a penal interest rate, was tapped for €3.9bn, the largest sum since October 2004. Beneath th
Satyajit Das is laughing. It appears I have said something very funny, but I have no idea what it was. My only clue is that the laugh sounds somewhat pitying. Das, who knows as much about global money flows as anyone in the world, stopped chuckling l
Canada's dollar traded equal to the US currency for the first time in three decades, capping a five-year run on the back of booming demand for the nation's commodities. The Canadian dollar rose as high as $1.0008, before retreating to 99.87
As unlikely as it may seem, the United States along with Canada and Mexico, appears to be getting ready to launch a new single currency: the Amero.
The dollar dropped below the psychologically important $1.40 against the euro, deepening recent losses.
Saudi Arabia has refused to cut interest rates in lockstep with the US Federal Reserve for the first time, signalling that the oil-rich Gulf kingdom is preparing to break the dollar currency peg in a move that risks setting off a stampede out of the
Investors should brace themselves for a prolonged period of market turmoil, Henry Paulson, the US Treasury Secretary, said yesterday as he held emergency meetings with the Chancellor and the French Finance Minister.
The public sector absorbs about 70 per cent of gross national product, making Iran's unreformed command economy almost as moribund as the old Soviet Union's. So the economy is Iran's key weakness. (And we are going to attack them?)
Banking shares have been falling across Europe as savers continue to withdraw money from the troubled British bank Northern Rock. The firm's boss told the Independent newspaper that three unnamed Spanish banks had sought help from the
The chancellor of the exchequer, Alistair Darling, this evening promised that the government will guarantee all savings deposits at Northern Rock amid concern that Britain is plunging into its worst banking crisis in decades.
World investment banks are set to reveal they have lost about $30bn from bad debts linked to the global credit crunch, a report says. Analysts are predicting the firms - many of which report quarterly results this week - will have to write-off 10%
The Daily Mail is reporting "Savers demand their 1.5 billion pounds in cash" Police called in to calm crowds of anxious savers Under-siege cashiers dish out chocolates Beleaguered Northern Rock boss: "I'm so sorry"
The global credit crisis has hit our high streets again. Having seen mortgage rates rise this week, people were left standing in Depression-era queues waiting to get cash out of Northern Rock, now being shored up by the Bank of England. But the focu
Mexico's Congress approved a landmark tax overhaul on Friday, handing President Felipe Calderon a major legislative victory and Mexico its biggest economic reform in a decade. Senators backed the package in a vote that capped months of talks o
Anxious customers of British bank Northern Rock rushed to withdraw their savings Friday, forming lengthy queues in front of branches after the lender was bailed out by the Bank of England.
China raised interest rates for the fifth time since March to curb the fastest inflation since 1996 and damp speculation in stocks and real estate. The benchmark one-year lending rate will increase to a nine-year high of 7.29 percent from 7.02 perce
LONDON, England -- The Bank of England has taken the unusual move of bailing out a key mortgage lender, as the global credit crunch threatened to claim its latest victim, sending European markets reeling.