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Archive for March 14th, 2008Fed comes to Bear Stearns’ rescue; shares divePosted by UK Economy News
In UK financial news
14Mar 08 Bear Stearns, slammed by a sudden cash crunch, hammered out an emergency funding deal with the Federal Reserve and JPMorgan Chase, intensifying fears the global credit crisis will claim more victims and driving Bear's shares down by as much as half.
Read full story Troubled Bear Stearns gets bailout; Fed pledges cashPosted by UK Economy News
In UK financial news
14Mar 08 Battered by a global credit crisis, US investment giant Bear Stearns revealed Friday it had obtained an emergency loan from the Federal Reserve through JPMorgan Chase to avert a collapse.
Read full story Comments Off Cuba eyes reforms; due to free up computer salesPosted by UK Economy News
In UK financial news
14Mar 08 Cuba looked set Friday to respond to mounting pressure for change with what would be the first meaningful economic reform since Raul Castro took over as president last month.
Read full story Comments Off Spot gold sets historic high above $1,000 markPosted by UK Economy News
In UK financial news
14Mar 08 Gold raced to an historic peak above $1,000 on Friday as the dollar's plunge to record lows on weak data and deepening financial market troubles in the United States boosted bullion's safe-haven appeal.
Read full story Comments Off Liechtenstein lawmakers approve reforms amid tax scandalPosted by UK Economy News
In UK financial news
14Mar 08 Liechtenstein's parliament on Friday approved a reform of trust regulation in the principality, which has been at the centre of an international tax evasion scandal, Swiss news agency ATS reported.
Read full story Comments Off New mortgage rules could clean up causes of US meltdown: FedPosted by UK Economy News
In UK financial news
14Mar 08 Federal Reserve chairman Ben Bernanke said Friday new mortgage standards being proposed by the central bank may clean up practices blamed for the horrific meltdown in the US housing market.
Read full story Comments Off U.S. stocks slide as Bear Stearns renews credit fearsPosted by UK Economy News
In UK financial news
14Mar 08 U.S. stocks fell on Friday after a cash crunch forced Bear Stearns to secure emergency funding, triggering a sell-off in financial shares and fanning concerns about an escalating credit crisis.
Read full story Comments Off Germany’s Dresdner Bank to split investment, retail opsPosted by UK Economy News
In UK financial news
14Mar 08 Dresdner Bank, part of the giant Allianz insurance group, will split up its investment and retail banking activities, a spokesman said on Friday.
Read full story Comments Off French court to decide next week on rogue trader’s detention: sourcePosted by UK Economy News
In UK financial news
14Mar 08 A Paris court will decide next week whether to keep rogue trader Jerome Kerviel behind bars while investigators probe a multi-billion-euro scandal at Societe Generale, a judicial source said Friday.
Read full story Comments Off Italy’s main Parmalat trial adjourned to May 6Posted by UK Economy News
In UK financial news
14Mar 08 The main trial prompted by the collapse of Italian food giant Parmalat was adjourned Friday to May 6, when the court may decide to merge it with other trials under way here.
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