Dubai World wins over most creditors to debt plan
(AP:DUBAI, United Arab Emirates) Dubai World said Friday it has won over nearly all its creditors to a $ 24.9 billion debt restructuring plan, bringing the struggling conglomerate a key step closer to resolving a financial crisis that has dragged on for months. Read more on INO News
Bank lending grows by double digits
Boosted by continued growth, the lending of banks posted a double-digit expansion in July, the Bangko Sentral ng Pilipinas (BSP) yesterday said. Read more on Malaya
Liverpool co-owners hit with new deadline by bank
Liverpool Liverpool co-owners Tom Hicks and George Gillett are facing new pressure to sell. It has emerged the American duo may struggle to refinance their debts after an October 6 deadline. It is understood that the Royal Bank of Scotland moved the debt to be dealt with by their restructuring team, which makes it more likely they will demand immediate repayment or instead sell the debt to a … Read more on tribalfootball.com
Moody’s: Bank writedowns at 2/3 of likely total
Moody’s Investors Service said Wednesday it appears U.S. banks have written off about two-thirds of the bad loans they’re likely to face through 2011. Read more on FOX 12 Idaho
Rusal tries serving up yuan bonds
MOSCOW – The promoters of United Company Rusal have kicked off a new marketing campaign for oligarch Oleg Deripaska’s heavily indebted aluminum company, disclosing this week that “Rusal is planning Russia’s first offering of bonds in China, spurred by McDonald’s Corp’s debut sale in yuan”. Read more on Asia Times
China’s Stock Futures Rise on Easing European Debt Concern, New Energy
China’s stock-index futures rose, signaling gains for the benchmark index, as concern eased that Europe’s sovereign debt crisis will derail the global economic recovery and the government plans to bolster new industries. Read more on Bloomberg
Chinese Banks Can’t Ignore Systemic Risk
Chinese banks should follow suit with global regulatory changes to meet the challenges of its own changing banking industry, a top official said. Read more on TheStreet.com
Something smells here…
Trouble is brewing for Poland’s BRE Bank. The bank decided not to lower rates on loans taken out in Swiss francs, despite a drop in market interest rates. Now the bank’s clients are looking to fight back with a class-action lawsuit. Read more on Warsaw Business Journal
China Still A Developing Country, Says World Bank Chief
WASHINGTON, Sept 8 (Bernama) — China is an important economic growth pole in the world, but it is still a developing country facing many challenges, China’s Xinhua news agency quoted World Bank President Robert B. Zoellick as saying here Tuesday. Read more on Bernama
Stocks fall as worries about European debt return
(AP:NEW YORK) Stocks closed lower Tuesday following new worries about Europe’s debt problems. Treasury prices rose and gold settled at a new high as investors sought out safe assets. Read more on INO News
EU OKs new financial supervision deal
BRUSSELS (AP) – European Union nations agreed to create new financial oversight institutions Tuesday, hoping to prevent a repeat of the government debt crisis that nearly left Greece bankrupt and brought the European banking system to its knees. Read more on NBC26 Green Bay
China Property Bonds Rebound as Debt Sales Fuel Confidence: Credit Markets
Bonds issued by China developers are rebounding from their worst first half in two years as a record $ 6.8 billion in offshore debt sales spurs confidence the borrowers have the resources to weather a slowing economy. Read more on Bloomberg
China halts loans to environment-unfriendly firms
SHANGHAI: China has ordered banks to stop new lending to companies that pollute excessively or consume too much energy, as part of a drive to make its economy more energy efficient, state media said Saturday. Read more on New Straits Times
Pakistan floods 2010 – UN chief Ban Ki-moon, and Angela Jolie appeal – spsyed analysis. UNHCR Goodwill Ambassador Angelina Jolie has pledged her tried and tested support to help victims of Pakistan’s super floods of the century. The massive challenge was too huge for any government or party to undertake on its own. Some 12 per cent of the population, over 20 million people, have been affected by one of the worst catastrophes in Pakistan’s history. More than eight million need food, shelter and water. The distribution of aid cannot keep pace with the sheer scale of the massive disaster. The super floods, triggered by torrential monsoon rains in July-August 2010, engulfed Pakistan’s Indus river basin, killing up to 1600 people. UN Secretary-General Ban Ki-moon visited Pakistan to assess the clossal damage caused by the devastating super floods. He met the country’s politicians to discuss the country’s worst floods in decades as popular anger mounts over the government’s failure to tackle the crisis. Ban urged the international community to speed up its assistance to Pakistan. He spoke on the urgent need of over 20 million people affected by the super floods. “I am here … to urge the world community to speed up their assistance to the Pakistani people. We will try to mobilise all necessary assistance and remember that the whole world is behind the people of Pakistan in this time of trial,” Ban Ki-moon said. He warned of a second wave of deaths unless flood victims receive … Video Rating: 0 / 5
Swedish Move Highlights Uneven Europe Recovery
The Swedish central bank raised its benchmark interest rate Thursday to help head off inflation as the country’s economy surges. Read more on New York Times
Karzai: Afghan govt will back Kabul Bank
Afghan President Hamid Karzai reassured nervous customers at the troubled Kabul Bank on Thursday, saying every penny of their deposits would be guaranteed by the government. Read more on WXOW 19 La Crosse
Karzai: Afghan govt will back Kabul Bank
Afghan President Hamid Karzai reassured nervous customers at the troubled Kabul Bank on Thursday, saying every penny of their deposits would be guaranteed by the government. Read more on Channel 8 San Diego
Afghans continue pulling money from troubled bank
KABUL, Afghanistan (AP) – Nervous Afghans on Saturday continued pulling funds out of the nation’s largest bank despite assurances from government leaders that their money was safe. Read more on NBC26 Green Bay
Bank of Japan announces additional easing measures
The Bank of Japan decided at an emergency policy meeting Monday to expand its funding programme introduced in December in an effort to safeguard a fragile recovery threatened by a strong yen. Read more on AFP via Yahoo! Philippines News
Two-speed eurozone a new test for the ECB
FRANKFURT: The European Central Bank (ECB), which has become used to handling crises, must now draft a monetary policy for what is becoming a two-speed economic zone, economists say. Read more on The Borneo Post
Katy Welter: Small Banks May Fail but They’re Still a Better Bet
Bernanke may have no choice but to rescue to the big banks, but you do have a choice. You can move your money to a local institution that offers lots of upside when it succeeds and minimal impact when it fails. Read more on The Huffington Post
Despite Rebound from ’09 Losses, Bank Profits Still Hampered by Crisis
The good news: banks are profitable. The bad news: but not by much. Read more on Forbes
U.S. Economy: Pending Home Sales Unexpectedly Rise
Pending sales of existing houses unexpectedly climbed in July from a record low, indicating the real-estate market is steadying following the end of a government tax credit. Read more on BusinessWeek
Get growth and income too
Everyone understands the advantages of growth investing. Bet on a company with a hot new technology or a great retailing idea, and as the business expands, the share price will soar. Read more on CNN Money
HSBC sells US auto finance units to Santander
British bank HSBC Holdings PLC said Tuesday it has sold its last U.S. auto finance businesses to Spain’s Santander for about $ 3.56 billion in cash, completing its exit from a market that cost it billions during the… Read more on Channel 8 San Diego
Israel Stocks: Israel stocks jump; Discount, Partner in focus
Israel stocks rise sharply in line with world markets, as the gas-exploration partners continued a run of gains and the major banks rose. Read more on Market Watch
Stocks flat after Fed minutes released
The stock market ended its worst August since 2001 with meager gains Tuesday after minutes from the latest Federal Reserve meeting showed officials’ increasing concern about the economy. Stock indexes gave up most of their gains in mid-afternoon after the… Federal Reserve System – Stock market – Business – Stock market index – Investing Read more on San Francisco Chronicle
Higher interest rates could lift economy
Our own Tom Hoenig, president of the Kansas City Fed, is calling for the central bank to begin nudging up interest rates, and some are wondering whether he’s nuts. Many prominent economists, tied to traditional economic models, argue that tweaking rates now would strangle the weak recovery. They also want more government stimulus spending to boot. Read more on The Kansas City Star
