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100 countries agree to tighten banking regulations
More than 100 countries support key changes to international bank regulation principles as a result of the global financial crisis, the Basel Committee of banking supervisory authorities said Friday. “Drawing on lessons learnt during the financial crisis that began in 2007, the revised Core Principles represent a significant step forward”…
AIG to resume U.S. real-estate investments
WASHINGTON — American International Group (AIG), the giant US insurer bailed out at the height of the 2008 global financial crisis, is looking to get back into the real estate market, the Wall Street Journal reported. The newspaper said late Tuesday that AIG, which has been selling off trophy properties…
IMF chief says world back from financial ‘abyss’
IMF chief Christine Lagarde said Tuesday the global economy has moved back from the “abyss” but that there are still serious weakness in the world financial system. Lagarde, visiting New Delhi for a two-day trip to attend a conference and meet leaders, said the world financial situation is not as grave as at…
White House announces investigation of subprime mortgage fraud
WASHINGTON — The Obama administration announced Friday a new inquiry to investigate fraud in the mortgage-backed securities market, whose billion-dollar implosion helped trigger the global financial crisis. Attorney General Eric Holder will head the working group of 55 lawyers, investigators and analysts from the Justice Department and other federal and…
British bankers complain of stress, depression and insomnia
The pressure on London bankers to get to grips with the global financial crisis has led to stress, depression and insomnia among City workers, affecting even the most experienced bosses. The phenomenon was brought to light when the chief executive of Lloyds Banking Group, Antonio Horta-Osario, announced that he was…
Carlos Slim ups stake in New York Times to 8.1 percent
NEW YORK — Carlos Slim, the Mexican magnate believed to be the world’s richest individual, has increased his stake in the The New York Times Co. to 8.1 percent, regulatory filings showed Thursday. The latest buying of shares this week came less than two months after Slim increased his stake…
U.S. watchdog suspects leaks at ratings agency
WASHINGTON — The internal procedures of one of the world’s top three ratings agencies appear to allow leaks of its decisions, according to a report by the US Securities and Exchange Commission (SEC). At one of the larger agencies, “the procedures for disseminating a pending rating action appeared to allow…
Bill Gates: Tax financial transactions to help poor nations
By Lesley Wroughton WASHINGTON (Reuters) – A report by Microsoft founder Bill Gates to Group of 20 ministers on Friday proposes raising new funding for poorer countries by taxing financial transactions, tobacco, and shipping and aviation fuels, according to details of a G20 report obtained by Reuters. The Gates Foundation…
Russian billionaire Lebedev punches debate rival
MOSCOW — Russian billionaire Alexander Lebedev, owner of two leading British newspapers, punched a man in the face during a television debate on the financial crisis to be aired on Sunday. A clip posted on the NTV television channel’s website shows Lebedev, a former KGB agent who has made a…
Geithner urges unity in euro zone crisis
WROCLAW, Poland (Reuters) – The world will not see the kind of coordinated response policymakers organized during the global financial crisis in 2009 but the United States and the European Union must work closely together to overcome the current economic challenges, Treasury Secretary Timothy Geithner said on Friday. Geithner also…
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