Category: Other

SINGAPORE, Aug 17, 2007 (AFP) – Singapore’s central bank said the domestic money and foreign exchange markets have been orderly despite the global turmoil sparked by a crisis in the US sub-prime mortgage sector. The Monetary Authority of Singapore (MAS) said in a statement issued late Thursday it has been “closely monitoring” developments in the […]

TOKYO, Aug 17, 2007 (AFP) – Credit fears unleashed fresh turbulence on Asian stock markets Friday as Tokyo spiralled lower and other bourses in the region struggled to find a floor a day after one of the worst routs in recent years.A late recovery overnight on Wall Street helped shares to open higher in Sydney, […]

CARACAS, Aug 16, 2007 (AFP) – President Hugo Chavez late Wednesday proposed sweeping changes to Venezuela’s constitution to remove presidential term limits and consolidate his vision of “21st Century Socialism”.Addressing a National Assembly stacked with loyalists, the leftist leader offered a reform plan that would also end autonomy of the country’s central bank and put […]

TOKYO, Aug 17, 2007 (AFP) – The Group of Seven industrialised nations have begun discussing measures to cope with plunging stock markets and wild foreign exchange fluctuations caused by US credit turmoil, a press report said Friday.Japan’s finance ministry was unable to confirm or deny the report. Britain, Canada, France, Germany, Italy, Japan and the […]

LONDON, Aug 16, 2007 (AFP) – The European Commission will investigate the role played by credit rating agencies in the recent crisis over subprime US home loans, the Financial Times reported on Thursday. “If the rating agencies believe this is going to be business as usual, they are very wrong,” an unnamed Commission official told […]

TOKYO, Aug 16, 2007 (AFP) – The dollar and euro fell sharply in Asian trade Thursday against the yen, sliding to four-month lows as investors ran for cover from turmoil on equity markets over US housing woes, dealers said. The stock market rout made investors shun risk and unwind their “carry trades” — borrowings in […]

PARIS, Aug 16, 2007 (AFP) – World leaders on Thursday insisted that the US credit crunch would not cause an economic crisis but stock markets across the world plummeted yet again as investors remained unconvinced. Prime Minister Howard said Australia had a much smaller percentage of the sort of risky subprime mortgage loans that caused […]

RIYADH, Aug 14, 2007 (AFP) – A Sri Lankan housemaid in Saudi Arabia pleaded in a call to a newspaper to be rescued from her employer she says has kept her imprisoned for the past 10 years, the Saudi newspaper reported on Tuesday. The Arab News said it received the cry for help from Anista […]

YANGON, Aug 15, 2007 (AFP) – Myanmar’s military government secretly doubled key fuel prices early Wednesday, stranding bus operators and commuters across the country’s economic hub Yangon as drivers struggled to tank up.Official media made no mention of the increase, the first in two years, and station operators were at a loss to explain the […]

TOKYO, Aug 15, 2007 (AFP) – Most Asian stock markets suffered another mauling in early trade on Wednesday after an overnight slump on Wall Street dashed hopes of an end to recent turmoil sparked by US mortgage woes. The latest wave of selling came despite recent efforts by the world’s major central banks to restore […]

LONDON, Aug 15, 2007 (AFP) – Europe’s main stock markets tumbled again on Wednesday as investors were gripped by concerns over a potential global credit crunch sparked by the troubled US home loan sector. The American markets turned lower in the wake of a media report about a troubled investment fund, Sentinel Management Group. Global […]

TOKYO, Aug 14, 2007 (AFP) – The Bank of Japan said Tuesday it will withdraw 600 billion yen (5.0 billion dollars) from the short-term money market through sales of treasury notes, a move aimed at easing excessive liquidity.The step came after the central bank had injected 600 billion yen into the banking system on Monday […]