Forty years ago, it was a small town on the Persian Gulf, merely one of seven sheikdoms joined in federation in 1971 to create the United Arab Emirates. Basically, there was nothing there but sand. Yes, oil had been discovered under that sand, and th
Europe's threat to ban financial derivatives trading some blame for worsening Greece's debt crisis wouldn't work, a senior US official told EU lawmakers. German, French and Greek leaders have called on a crack down on naked credit default swaps,
2012 is the beginning of a 3-year period in which more than $700 billion in risky, high-yield corporate debt begins to come due, an extraordinary surge that some analysts fear could overload the debt markets. With huge bills about to hit corporations
WHENEVER savvy private equity firms sell debt in the companies they own, buyer beware. That’s the lesson — learned the hard way — for bondholders in Wind Hellas, a Greek mobile phone operator whose parent company defaulted on some of its debt payment
Riding surging prices of his various telecom holdings, including giant mobile outfit America Movil, Mexican tycoon Carlo Slim Helu has beaten out Americans Bill Gates and Warren Buffett to become the wealthiest person on earth and nab the top spot on
The government-funded project involves colourful graphic designs featuring a range of different shop types, which are either taped inside the windows or screwed to the fascia so they can be removed and reused as required.
XacBank recognized this problem and its connection with poverty. Most families spend up to 40% of their incomes, roughly a $140 per month, in the winter time on heating fuel alone. This money most often comes from cuts in nutrition and health
To put it simply, the Greek crisis shows what happens when a weak member of this Union is in trouble. It is the same as what happens on the world scale, where there is no such morally pretentious union perpetually congratulating itself on its devoti
We show that: (1) African poverty is falling and is falling rapidly. (2) If present trends continue, the poverty Millennium Development Goal of halving the proportion of people with incomes less than one dollar a day will be achieved on time. (3) The
Finance Minister Jim Flaherty, 60, released a C$281 billion ($273 billion) budget yesterday that forecasts the shortfall narrowing to C$49.2 billion in the 2010-11 fiscal year, down from a record C$53.8 billion last year.
"Any credit event could trigger a cascading event, It does not have to be default; it could be a downgrade in swap contracts that would do the trick for a collateral call. Something is going to cause it to topple, whether it's a situation in Dubai, G
China just announced it is about to pull the rug out of the entire lending concept when it announces it is nullifying loan guarantees by all local governments. The total potential impact: $3.5 trillion smackers.
Voters in Iceland have overwhelmingly rejected proposals to pay the UK and the Netherlands in the wake of collapse of the Icesave bank.
About 75 per cent of Iceland is expected to vote “no” in an emotionally charged referendum to be held tomorrow. Despite last-minute negotiations with the UK and the Dutch finance ministry, the referendum looks a lost cause.
Greece must consider a fire sale of land, historic buildings and art works to cut its debts, two rightwing German politicians said today in a newspaper interview that is bound to exacerbate tensions between Athens and Berlin. Alongside austerity mea
Nicolas Sarkozy, the French president, yesterday set out a raft of measures to reverse the decline of industry, promising a bigger role for the state in boosting innovation and saving jobs. Mr Sarkozy painted a grim picture of French manufacturing,
The sheer size and rapidity of the shift takes governments off guard. Those governments who play it close to the edge, and most do, face budget crises so dramatic that it forces government officials to do something they would never do if ...
Currently in the name of fighting terrorism, U.S. Government can use National Security Letters to search a Citizen’s private information and records without having to provide specific facts—the person’s information sought pertains to aRead Letter
If you believe some European politicians, there may be a sinister force behind the economic crises currently convulsing Greece and Spain and threatening the stability of the euro. They believe the problems did not happen by accident or even as a resu
Director of the IMF Dominique Strauss-Kahn will call on member nations of the organization to give him unprecedented regulatory oversight over the global financial services industry, according to Le Monde.
Dominique Strauss-Kahn, the head of the International Monetary Fund, suggested Friday the organization might one day be called on to provide countries with a global reserve currency that would serve as an alternative to the U.S. dollar.
Have we just crossed the historic Rubicon when a photoshopped classical statue is about to lead to a collapse in a monetary and customs union, and possibly something a tad more serious?
On the heels of the surprise discount window rate hike late last week, and on the eve of Bernanke’s Congressional testimony, speculation abounds as to the when and where of the next round of tightening. We need look no further than the US Treasury p
In closed meetings, ambasadors are thrashing out terms of a deal to return funds spent by Britain and the Netherlands to compensate their citizens' depositors in Icesave, an Internet bank that collapsed with its parent, Landsbanki, in October 2008.
These people were then asked to compete with some of the most efficient agricultural systems in the world, and they simply couldn't do it,"
China's move to reduce its holding of US debt is likely to continue in the long term while the "euro scare" may last a while, legendary investor Jim Rogers told CNBC.com Wednesday.
If there is one month to fear this coming year, it would have to be July. The financial sector is very unstable and all hell could break loose at anytime, but July has special problems.
The council of EU finance ministers said Athens must comply with austerity demands by March 16 or lose control over its own tax and spend policies altogether. It if fails to do so, the EU will impose cuts in what would amount to economic suzerainty.
As all this plays out, of course, the USA will be struggling with very similar problems of capital and economy, and as our states fall into bankruptcy one can easily imagine all kinds of political mischief here that would parallel the unravelings...