Friday, August 5th 2011 - 07:42 UTC

Black Thursday in US and Europe turns into black Friday in Asia

Markets volatility is expected to continue given the dollar and Euro confidence crises

Asian stock markets have slumped on Friday, extending a global equity sell-off after Wall Street had its worst day in more than two years. Japan's main Nikkei 225 index shed 3.4% to 9,329.75. South Korea lost 4.2%, Australia slid 2.4% and China's Shanghai SE Composite Index was down 2%.

Friday, August 5th 2011 - 01:43 UTC

China takes over South Africa’s Standard Bank network in Argentina

Industrial and Commercial Bank of China Ltd is the world’s largest bank (ICBC) by market value

Industrial and Commercial Bank of China Ltd (ICBC) announced Friday it would buy stakes in Standard Bank Argentina and another two institutions from Standard Bank Group Ltd for about 600 million dollars as it expands into South America as part of its global strategy that includes Europe, India and Pakistan.

Thursday, August 4th 2011 - 22:18 UTC

Bank of England adopts ‘wait and see’ attitude amid world turbulence

The bank injected £200 billion of new money into the British economy between March 2009 and February 2010

The Bank of England left its main interest rate at a record low 0.50% on Thursday for the 29th month in a row amid weak economic growth in Britain and a debt crisis in the Euro-zone. The quantitative easing QE program was also left stand-by at £200 billion.

Thursday, August 4th 2011 - 20:20 UTC

Euro zone resumes bond purchases amid fears of growing crisis contagion

Jean Claude Trichet: economic uncertainty is “particularly high”'.

European Central Bank (ECB) announced Thursday it will offer a fresh round of loans to banks (*) in light of continuing fears about the Euro-zone debt crisis. ECB president Jean Claude Trichet said that economic uncertainty was “particularly high”'.

Thursday, August 4th 2011 - 19:37 UTC

US Senate breakthrough for trade agreements with Korea, Colombia and Panama

US Senate Majority Leader Harry Reid and Republican leader Mitch McConnell brokered the agreement

The United States Senate leaders ended an impasse over stalled free-trade agreements, agreeing to vote after the August recess on benefits for workers who lose their jobs because of overseas competition, which opens the way for the approval of pending agreements with Korea, Colombia and Panama.

Thursday, August 4th 2011 - 13:56 UTC

”Against All Odds: Rescue at the Chilean Mine” exhibit opens in Washington

Super Mario, second of the 33 miners rescued and an inspiration for all involved

After nearly six months of planning, the Chilean Embassy in the United States—headed by Ambassador Arturo Fermandois—is refining the final details for the opening of a new exhibit at the Smithsonian National Museum of National History in Washington, D.C., on the historic rescue of the 33 Chilean miners last October.

Thursday, August 4th 2011 - 02:06 UTC

French pilots cease cooperation in crash inquiry on dispute over causes

AF447 Airbus from Rio to Paris slam into the Atlantic Ocean, killing all 228 people

French pilots on Wednesday suspended cooperation with an inquiry into the 2009 crash of an Air France jet as a dispute over the causes of the disaster opened deep wounds in France's prestigious aeronautics industry.

Wednesday, August 3rd 2011 - 22:27 UTC

UK Commons Defence Select Committee warns about level of military cuts

HMS Ark Royal and Harrier jets came under the savings axe (Photo MoD)

Senior British MPs launched on Wednesday their latest stinging attack on the UK government’s defence cuts, saying they could leave the military overstretched, reports the Portsmouth press.

Wednesday, August 3rd 2011 - 06:53 UTC

China Dagong agency downgrades US credit rating from A+ to A with negative outlook

US debt growth outpaces the overall economy and fiscal revenue pace in spite of the vote in Congress

Chinese rating agency Dagong Global Credit Rating Co. said Wednesday it has cut the credit rating of the United States from A+ to A with a negative outlook after the U.S. federal government announced that the country's debt limit would be increased.

Wednesday, August 3rd 2011 - 00:10 UTC

China says there’s no way of escaping dollar dominance… in the short term

The People's Daily: debt deal a positive step and a relief for Beijing

United States' debt woes still threaten the global economy despite the last-minute deal struck by the White House and political party leaders, China's main official newspaper said on Tuesday, adding there was no short-term escape from the dominance of the dollar.


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