Pakistan flood pain lingers
The 2010 floods in Pakistan started late in July, following heavier than normal monsoon rains in Balochistan, the Punjab, Sindh, Pakhtunkhwa and the Khyber; in fact the whole Indus River Basin was affected. At one stage nearly 20 percent of Pakistan’s land area was covered with water, a total of some 307,374 square miles (796,095 […]
State entities in Dubai show $101.5bn debt
Moody’s Investors Service on Tuesday said Dubai and its state-owned non-financials have outstanding debt of $101.5bn and could require further financial support to meet their obligations. The credit rating agency’s report showed that it remains concerned about the emirate’s maturing debt in spite of the “significant process” made by the authorities and state-owned companies to […]
Italian cabinet approves radical austerity measures
Italy’s new Prime Minister Mario Monti announced late on Sunday and ahead of a crucial EU summit on Thursday and Friday, that his cabinet has approved a €30bn package of austerity measures to help “reawaken” the Italian financial system. Europe’s third biggest economy is scheduled to present the plan to parliament today in a bid […]
IMF says swift action is needed to steady Europe’s banks
A quick recapitalisation of European banks is necessary to steady markets and avert the economy from falling into another recession, IMF Europe Director, Antonio Borges, said late on Wednesday. The price tag for such a move was estimated in the range between €100bn and €200bn, he said. According to the IMF report, the eurozone debt […]
India’s growth dips to two-year low 6.9 percent
India’s economy in the July to September quarter expanded at its slowest pace in over two years to 6.9 percent year-on-year compared to 8.4 percent for the same period last year. Data released Wednesday by the Central Statistics Office showed that manufacturing experienced a sharp decline, growing only 2.7 percent, while mining contracted by 2.9 […]
Fitch cuts US credit outlook to negative
Fitch Ratings late on Monday warned the US it may cut its AAA rating if policymakers failed to agree on a “credible plan” to reduce its swelling budget deficit by 2013. There is a “slightly greater than 50 percent chance of a downgrade over a two year horizon,” said Fitch. The ratings agency downgraded the […]
Britain’s FTSE hits worst losing streak in nine years
Britain’s blue-chip ended lower for the ninth consecutive session on Thursday, marking its worst run since January 2003, after Germany reiterated its opposition to the use of euro bonds or monetary tools to help solve the eurozone’s debt crisis. Following a meeting with the leaders of France and Italy, German chancellor, Angela Merkel, quashed market […]
Nokia Siemens to cut 17,000 jobs worldwide
Telecoms equipment giant Nokia Siemens Networks has said it will be shedding 17,000 staff globally in an attempt to bolster profitability in a stagnating network gear market. The company plans to cut a quarter of its workforce by the end of 2013 in a restructuring that will allow it to focus in mobile broadband equipment. […]
Stocks fall on US and Spain woes
Stocks in early trading in Asia slumped on Wednesday after a downward revision of US economic growth in the third quarter and rising yields on Spanish bonds. The US economy grew at a two percent annual rate, 0.5 percent less than its initial estimate, the Commerce Department said. Meanwhile, higher borrowing costs in Spain triggered […]
Moodys downgrade South African debt rating
The South African rand dropped sharply against the USD and bonds depreciated as Moody’s Investor Services announced its intention to reduce its outlook on the country’s sovereign debt rating. The rating agency cited growth and deficit concerns as reasons for the decision. Moody’s reduced the outlook from ‘stable’; South African debt is rated as BBB+ […]
