Archive for October, 2008

The Federal Reserve has decided to provide the central banks of Brazil, Mexico, South Korea and Singapore with $30 billion each in the first instance of aid to emerging economies. The finance package will form part of the Federal Reserve’s attempts to unclog the credit system and encourage banks to lend to each other. In... »

In one of the biggest mergers in recent aviation history of the US, two of its major domestic carriers, Delta Airlines and Northwest Airlines announced that they would be coming together. The official announcement of the merger came just hours after the US Department of Justice declared that the agreement to create the world’s... »

For the third time in six weeks, China’s central bank cut the benchmark deposit and lending rates bringing it down by a further 0.27% on Wednesday. The People’s Bank of China announced on Wednesday that from now on one-year bank loans will cost 6.66% as compared to the earlier cost of 6.93% while the deposit... »

US telecommunications company Qwest Communications International Inc reported a decline in profits during the third quarter as the weak economy forced consumers to disconnect landlines in an attempt to save money. Qwest posted its third-quarter results on Tuesday which saw profits coming down to $151 million or 9 cents a share as compared to $2.1... »

The CNNMoney list of 1991 billionaires hardly springs any surprises at the start. The first rank continues to be held by the Sultan of Brunei who controls the oil reserves of one of the smallest countries of the world and remains secure in his position as one of the last absolute monarchs on earth.... »

Very often businesses land in need of immediate credit without having the time of going through elaborate loan application procedures. Also there are occasions when a business cannot promptly provide collateral for loans. In such situations it is convenient to seek the services of those lenders who offer startup loans without the need for... »

The US Treasury Secretary announced on Monday that the federal proposal to invest $250 billion in financial institutions had evoked “interest from a broad group of banks of all sizes”. Speaking at a Treasury Department news briefing, Henry Paulson Jr declared that the federal move to invest in banks had drawn a wide response from... »

In a sign that the recent global finance crisis may have had some effect on every economy, China’s growth rate dipped below 10% for the first time in several years of high-speed development. The Chinese government announced on Monday that the growth of the nation’s gross domestic product had fallen to 9.9% in the third... »

Halliburton Co posted a loss of $21 million in its third quarter due to high financing costs and loss of revenue caused by hurricanes in its New Mexico oilfields. The second-largest oilfield services provider in the world Halliburton Co announced Monday that its third quarter loss was 2 cents a share compared to the net... »

South Korea became the latest country to bail out its financial system by offering a $30 billion rescue package for its banking sector as well as backing foreign currency debts of its lenders worth $100 billion. The measures come in the wake of a global market crisis whose impact has left finance sectors of... »