(PTI): Britain’s biggest state-controlled mortgage lender, the Lloyds Banking Group, announces plans to slash 2,100 more jobs within the next three years.
The newly announced cuts will bring the total job losses in the banking group to over 7,650 (more…)
(PTI): North Korea’s economy has experienced a ’significant’ growth despite the UN Security Council’s recent financial measures against the country.
Pyongyang’s central bank said agricultural production rose nearly 11 percent in 2008 compared with 2007 (more…)
(PTI): China’s central bank has renewed its call for a new global currency to replace the US dollar — Beijing’s latest effort to diversify its currency reserves.
“To avoid the inherent deficiencies of using sovereign currencies for reserves, there’s a need to create an international reserve currency that’s de-linked from sovereign (more…)
(PTI): US regulators have closed five banks, bringing the total of US bank failures to 45 this year as falling home prices take their toll on financial institutions.
The Federal Deposit Insurance Corp (FDIC) said the five banks which were closed on Friday were Community Bank of West Georgia and Neighborhood Community Bank in the state (more…)
(PTI): The US and the EU have lodged a joint case at the World Trade Organization against China for “restricting raw materials exports” to supply its domestic market.
They accused the Asian giant of pursuing a “troubling” industrial policy in the latest sign of hostility (more…)
(PTI): The World Bank forecasts a 4.7 percent plunge in economic growth in developing countries for this year from 5.9 percent in 2008 over the deepening global recession.
The bank says gross domestic product (GDP) of the counties is expected to shrink by 1.6 percent if China (more…)
(PTI): The Swiss-based mining giant Xstrata is going ahead with a plan to form a potential 54 billion dollar merger with its rival Anglo American.
Xstrata said in a statement that the Swiss metals company has proposed a “merger of equals” to create a mining group (more…)
(PTI): New government data shows the unemployment rate climbed in 48 states and the District of Columbia, dashing hopes of an early recovery in the US economy.
According to a Labor Department report released on Friday, 17 US states and the District of Columbia recorded jobless rates in May which were above the national rate of 9.4 (more…)
(PTI): Nearly one billion pounds ($1.64 billion) of Iranian assets are frozen in Britain under international sanctions imposed against the country over its nuclear program.
“The total assets frozen in the UK under the EU (European Union) and UN sanctions against Iran are approximately 976,110,000 pounds,” Ian Pearson, Britain’s Economic Secretary (more…)
(PTI): US regulators have closed three small banks in North Carolina, Georgia and Kansas, bringing to 40 the total number of US bank failures so far this year.
The Federal Deposit Insurance Corp (FDIC) said the closure of the three banks is expected to cost the FDIC (more…)
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