September 4, 2013
Oil rises as Obama gets support in Syria effort
Oil rose above US$108 a barrel yesterday as President Barack Obama won the support of the top Republican in Congress for US military intervention in Syria. House Speaker John Boehner said acting against Syria was something “the United States as a…
September 4, 2013
S&P says US lawsuit is ‘retaliation’ to ratings downgrade
Ratings agency Standard and Poor's (S&P) has claimed the lawsuit filed against it by the US Justice Department was "retaliation" against its decision to downgrade the US credit rating. The agency was sued in February over its assessment of…
September 4, 2013
Olympus to be prosecuted by UK fraud agency
Japanese camera and medical equipment maker Olympus and its UK subsidiary Gyrus Group will be prosecuted by UK's Serious Fraud Office. They have been charged with providing "misleading, false or deceptive" material in accounts for Gyrus Group.…
September 4, 2013
Raghuram Rajan takes charge of Reserve Bank of India
A former International Monetary Fund chief economist is taking over as the head of India's central bank, as it works to revive the falling rupee. Raghuram Rajan, 50, assumes the top job at the Reserve Bank of India on Wednesday. He arrives at a time…
August 26, 2013
Greece may need a third bailout
Greece may need a third bailout but would not accept new austerity measures, the Greek finance minister has said. Yannis Stournaras said: "If there is need for further support to Greece, it will be in the order of about 10bn euros (£8.6bn; $13.4bn),…
August 26, 2013
Argentina loses $1.3bn debt court appeal
Argentina has been told again it must pay back more than $1.3bn (£830m) to a group of investors - 11 years after its record debt default. A New York appeals court unanimously rejected every Argentine argument against the payout. The decision is the…
August 26, 2013
N.Y. attorney general suing Trump’s school for fraud
New York's attorney general accused Donald Trump in a lawsuit Saturday of defrauding students who studied at the billionaire mogul's investment institute, though Trump's representative said a large majority of the school's alumni were satisfied with…
August 26, 2013
Jump in mortgage rates hurts new home sales
Americans cut back sharply in July on their purchases of new homes, a sign that higher mortgage rates may slow the housing recovery. US sales of newly built homes dropped 13.4 per cent to a seasonally adjusted annual rate of 394,000, the Commerce…
August 26, 2013
IMF’s Lagarde urges caution over withdrawing stimulus
The head of the International Monetary Fund has warned central banks not to end their stimulus measures too soon. Christine Lagarde said stimulus policies were still needed in some regions, especially Europe and Japan. With signs that the global…
August 26, 2013
German budget surplus jumps in first half of year
Official figures show Germany's budget surplus rose to 0.6% of gross domestic product (GDP) in the first half of the year, boosted by higher tax income. The government pulled in 321.4bn euros in taxes, 3.8% more than a year ago thanks to its steady…