Recent efforts by the International Monetary Fund and the World Bank to help Europe deal with government debt problems got mixed reviews on Monday. Oil prices posted modest gains as investors bet that resolving the issue would boost the economy and increase energy demand and prices. Prices on world stock markets were mixed. After days […]
Analysts Disappointed by IMF, World Bank Meeting
Posted September 26th, 2011 at 10:10 am (UTC-5)
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More Aid Coming to African Drought Victims
Posted September 24th, 2011 at 1:10 pm (UTC-5)
Starving refugees in the drought-stricken Horn of Africa could soon be getting more help. The World Bank Saturday said it is increasing aid to the region to $1.88 billion, which includes $500 million already allocated to relief efforts. World Bank President Robert Zoellick said the goal is to help victims of the current drought and […]
Moody’s Downgrades Two Top French Banks
Posted September 14th, 2011 at 4:15 am (UTC-5)
The Moody’s rating agency has downgraded credit ratings for two French banks and issued a warning to a third. Moody’s cut the credit rating Wednesday of Societe Generale and Credit Agricole as worries grew about a possible Greek default. BNP Paribas has been placed on negative watch for possible future downgrade. Moody’s said Credit Agricole’s […]
US: Bank of America to Cut 30,000 Jobs
Posted September 12th, 2011 at 12:25 pm (UTC-5)
One of the largest consumer and business banks in the United States, Bank of America, says it plans to cut 30,000 jobs to save $5 billion in annual costs. The privately owned bank said Monday the job cuts would be carried out over the next several years, trimming about 10 percent of the bank’s workforce […]
Bank of America May Slash Jobs
Posted September 9th, 2011 at 11:20 am (UTC-5)
The Bank of America may cut around 40,000 jobs in a drive to become leaner and more profitable. The privately owned bank is one of the world’s largest financial institutions, has around 288,000 workers, and operates in 40 countries. Stories in the Wall Street Journal and on Bloomberg news say most of the cuts in […]
World Bank Chief Sees Risks But No Double-Dip
Posted September 6th, 2011 at 3:06 am (UTC-5)
World Bank President Robert Zoellick says he believes the world will avoid sliding into a second recession. Zoellick made the remark Tuesday to reporters in Singapore, where he is attending an economic conference amid plummeting world stock prices and worries over a slowdown in U.S. economic growth. Zoellick said he believes the United States and […]
Zoellick To China: More Domestic Sales, Fewer Exports
Posted September 5th, 2011 at 11:00 am (UTC-5)
The head of the World Bank is urging China to do more to develop its domestic market and put less reliance on investment and exports. Ending a visit to Beijing Monday, Robert Zoellick said it is “hard to see” how export-led growth will help China over the next 10 years. Bolstering the domestic demand requires […]
Iceland’s President Demands EU Probe into Bank Collapse Aftermath
Posted September 4th, 2011 at 6:45 pm (UTC-5)
Iceland’s President Olafur Ragnar wants the the European Union to investigate why Britain and the Netherlands were allowed to bully Icelandic citizens over a collapsed bank. Mr. Ragnar told Icelandic radio Sunday that he wants to know how EU member states could make what he calls absurd and preposterous claims against another. When the Landsbanki […]
Warren Buffet Makes Major Investment in Largest US Bank
Posted August 26th, 2011 at 6:50 am (UTC-5)
Noted U.S. businessman Warren Buffett is investing $5 billion in the nation’s largest financial institution, Bank of America, which is facing potentially huge losses over its home mortgage business. Shares of Bank of America have plummeted over fears the bank is vulnerable over its 2008 purchase of mortgage lender Countrywide Financial, the company whose reckless […]
Swiss Bank UBS Announces Huge Job Cuts
Posted August 23rd, 2011 at 11:25 am (UTC-5)
Swiss bank USB has announced it is cutting 3,500 jobs worldwide, in the bank’s latest effort to save $2.5 billion annually by 2013. USB’s investment bank unit will see 1,600 jobs eliminated – about 45 percent of the total expected job cuts. The banking giant has 65,000 worldwide employees located in more than 50 countries. […]
