Business

July 6, 2011

Moody’s warns over China bad debt

Bad debts held by local governments in China are a far bigger problem than first estimated, ratings agency Moody's has warned. Chinese banks had lent 8.5tn yuan ($1.3tn; £820bn) to the local governments in 2010 in an attempt to boost growth.…

July 3, 2011

Greece crisis: Eurozone backs 12bn euros in aid

Eurozone finance ministers have approved the latest tranche of emergency help for the Greek economy.

July 3, 2011

Russia rescues Bank of Moscow in record bail-out

Russia's fifth largest bank, Bank of Moscow, has been given the biggest bail-out in Russian history. The $14bn rescue came after another bank, VTB, gained control through a hostile bid, only to uncover bad loans valued at $9bn - a third of the…

July 3, 2011

Palestinian Authority faces budget crisis

The Palestinian Authority has had to cut salaries paid to its civil servants by half as it faces a major budget shortfall. Prime Minister Salam Fayyad called on "donors and our Arab brothers" to come to their aid, saying that international donors -…

July 3, 2011

China manufacturing slows as Beijing reins in growth

China's manufacturing sector expanded at its slowest pace in 28 months following government policies to prevent the economy from overheating, according to an official survey. China's purchasing manager's index (PMI) fell to 50.9 in June from 52 in…

July 3, 2011

Apple and Microsoft group buys Nortel patents

Bankrupt telecoms firm Nortel has sold its remaining patent portfolio for $4.5bn (£2.8bn) to a consortium of six firms including Apple and Microsoft. The other consortium members are Sony, Research In Motion, Ericsson, and EMC. The auction of…

June 27, 2011

BIS warns low rates may create ‘financial distortions’

The Bank for International Settlements (BIS) has warned that low interest rates across the…

June 27, 2011

China’s PM Wen Jiabao set to sign £1bn UK trade deal

British business hope to sign deals worth more than £1bn when the Chinese prime minister Wen Jiabao meets David Cameron at Downing Street later. Mr Wen, who is on a three-day visit to the UK, has already said he wants to welcome more UK products…

June 27, 2011

Canadian firm gets US$97 mill for stake of east coast block

A Canadian oil company has earned US$97 million from the sale of its 25 per cent stake in an exploration block off the east coast. Sonde Resources Corp, closed the sale of its 25 per cent stake in Block 5(C), to another Canadian company, Niko…

June 27, 2011

Central bankers advise investors to expect less

Investors should prepare themselves for smaller profit margins as banks stash away more capital to avoid another global financial crisis, the world’s major central bankers cautioned Sunday. They also advised central banks around the world that…