Asian economies to rebound but recovery fragile- ADB
The Asian Development Bank said Tuesday the region’s emerging economies would pick up this year but warned that the recovery remained fragile due to the eurozone crisis and tensions in Asia.
The Asian Development Bank said Tuesday the region’s emerging economies would pick up this year but warned that the recovery remained fragile due to the eurozone crisis and tensions in Asia.
A plan to seize up to 10 percent of savings accounts in Cyprus to help pay for a €15.8 billion financial bailout was met with fury Monday, and the government shut down banks until later this week while lawmakers wrangled over how to keep the island nation from bankruptcy.
Federal Reserve officials in 2007 badly underestimated the scope of the approaching financial crisis and how it would tip the U.S. economy into the deepest recession since the Great Depression, transcripts of the Fed’s policy meetings that year show.
Four years after the onset of the global financial crisis, the world economy remains fragile and growth in high-income countries is weak. Developing countries need to focus on raising the growth potential of their economies, while strengthening buffers to deal with risks from the Euro Area and fiscal policy in the United States, says the World Bank in the newly released Global Economic Prospects (GEP) report.
The world’s top banking regulatory body on Sunday eased the first global liquidity rules scheduled to start applying to banks in 2015 and aimed at improving their ability to survive financial crises.
American Express Bank and four other foreign institutions have shut down their offices in the Philippines as the financial woes in the United States and Europe prompted them to sell off their offshore assets.
Asian stocks and the euro climbed Monday after Spain sought a lifeline for its ailing banks, easing fears that Europe’s debt crisis was about to spin out of control.
The 2011 profit of broadcast giant GMA Network Inc. fell by nearly 40 percent year-on-year largely due to cuts in ad spending by big clients and the absence of political advertisements.
Asian stock markets rose Friday as China’s inflation eased and Greece moved closer toward inking a deal with private investors to restructure its debt and avoid a massive default.
Ratings agency Moody’s says it is maintaining France’s top-tier AAA credit rating for now after the country was downgraded by rival Standard & Poor’s.
Pope Benedict XVI on Monday called for new ethical values in the financial crisis in a gloomy world outlook that also pointed to rising violence in Africa and the fallout from Arab Spring revolts.
THE global capital markets are seen headed for another turbulent ride this year and the fallout may even linger in the next three to five years, according to the latest global market sentiment survey of the CFA Institute.
