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%.
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.
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.
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'.
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.
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.
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.
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.
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.
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.