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…
June 25, 2011
Bank of England calls for audit of eurozone crisis risk
The Bank of England's new financial policy committee (FPC) has called for an audit of UK…
June 25, 2011
Conrad Black ordered back to prison
A US judge has resentenced former media tycoon Conrad Black to 42 months in prison for fraud and obstruction. He is likely to serve just 13 months because of time already served. The Canadian-born British peer was convicted in 2007 of defrauding…